Guaranty Trust Holding Company (GTCO) Plc has raised N209 billion out of its recent N400.5 billion public offer.

GTCO had launched a public offer of 9.0 billion ordinary shares of 50 kobo each at N44.5 per share.

In a statement on Monday, GTCO announced receipt of regulatory approval for a total of N209.41 billion, representing 52.3 per cent of the total offer size.

According to the group, the offer, which garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4.706 billion ordinary shares, fully allotted.

“This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base,” GTCO stated.

The announcement followed completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC).

Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Segun Agbaje set the first phase of the group’s equity capital raising has set a strong foundation for accelerated development.

Said he:  “We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise. The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.

“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses”