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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