July 9, 2024
By InvestAdvocate
Lagos (INVESTADVOCATE)-Guaranty Trust Bank Plc (GTCO) on Monday announced its plans to raise N400.5 Billion by way of Public Offer of nine ( 9) billion shares at N44.5 per share to meet up with the ongoing bank recapitalisation directed by the Central Bank of Nigeria (CBN).
Segun Agbaje, Managing Director and Chief Executive Officer (MD/CEO) of GTCO made this disclosure at a ‘Facts Behind the Offer Presentation at the Nigerian Exchange Group (NGX)
“What we agreed to raise is about N400 Billion shares by issuing 9 billion shares at N44.5 per share. I think the exchange has been kind enough to approve this. We think this is a great price. The public offer has not been launched,” he said.
According to Agbaje, the proposal would soon receive regulatory approval to commence.
He affirmed the net proceeds of the proposed offering will be used for the growth and expansion of the GTCO Plc Group businesses
“The net proceeds of the proposed offering will be used for the growth and expansion of the GTCO Plc Group businesses. Such planned growth and expansion will be effected through investment in technology infrastructure to fortify existing operations, the establishment of new subsidiaries and selective acquisition of non-banking businesses; and the recapitalisation of Guaranty Trust Bank Limited (GTBank Nigeria),” he added.
