GTCO increases GTBank’s paid-up capital to N504bn

Guaranty Trust Holding Company Plc (GTCO) has increased its investment in Guaranty Trust Bank Ltd. (GTBank) to N504 billion.

The bank disclosed this in a statement on Thursday in Lagos.

The increase followed its subscription to GTBank’s rights issue of 6,994,050,290 ordinary shares at 50 kobo each, valued at N365.85 billion.

With this injection, GTBank’s paid-up share capital rose from N138.19 billion to N504.04 billion.

The statement reads, “Guaranty Trust Holding Company Plc has announced that it has increased its investment in its wholly owned Banking subsidiary, Guaranty Trust Bank Limited (“GTBank”) to N504 billion.

“This is through a rights issue subscription for 6,994,050,290 ordinary shares of fifty kobo each made by GTBank for a total consideration of N365,850,403,572.67.

“This is ncreasing GTBank’s paid-up share capital from N138,186,703,485.78 to N504,037,107,058.45.”

The bank said the capital injection ensured GTBank’s compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the Central Bank of Nigeria (CBN).

The capital injection was funded by the two-phased equity capital raising programme recently undertaken and concluded by GTCO Plc.

This is with an international fully marketed offering on the London Stock Exchange (LSE) that secured 105 million dollars from high-quality, long-term institutional investors in exchange for 2.29 billion new ordinary shares.

This is making GTCO Plc the first financial services institution in West Africa to dual list on both the NGX and LSE.