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    GTCO Opens 9bn Shares for Subscription at N44.50

    Ogochukwu NdubuisiBy No Comments1 Min Read
    GTCO Opens 9bn Shares for Subscription at N44.50

    GTCO Opens 9bn Shares for Subscription at N44.50

    Guaranty Trust Holdings Company (GTCO) Plc has opened 9 billion new ordinary shares for subscription at N44.50 in an effort to meet banking sector recapitalisation deadline.

    According to data from the Nigerian Exchange (NGX), the financial services company shares ended at N44.50 per share in the market on Friday.

    The financial services group seeks to raise N400.5 billion from the Nigerian equities market, according to details from the offer.

    After the deduction of the costs and expenses of the Offer, which is estimated at ₦8,010,000,000, GTCO said 94.3% of the net proceeds of ₦392,490,000,000.00 will be used to recapitalize GTBank.

    The remaining balance will be used to finance growth and expansion of the Group’s Acquisitions in Pension Fund Administration and Asset Management Businesses. The group said in a regulatory filing that the offer is open from July 15 to August 12, 2024.

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    Ogochukwu Ndubuisi is an editorial content strategist and financial news writer at MarketForces Africa, covering a broad range of topics including Nigeria's equity markets, infrastructure development, energy, government policy, corporate finance, and digital economy.With over 2,400 published articles on MarketForces Africa, Ogochi brings depth and consistency to the publication's daily news coverage.Her reporting spans Nigerian Exchange Group market movements, Lagos State infrastructure projects, and federal government economic policies, oil and gas developments, and emerging sectors shaping Nigeria's economic landscape.She also covers Africa-wide stories, including East African market indices, continental investment trends, and cross-border economic developments.Ogochi works closely with MarketForces Africa's editorial and corporate communications teams to deliver accurate, timely, and well-researched content to the publication's professional readership.Ogochukwu Ndubuisi is based in Lagos, Nigeria.

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