Türkiye Garanti Bankası A.Ş. (TGBD) announced Monday that its board of directors has approved a plan to issue 15 billion investment institution warrants, carrying a total nominal value of 150 million Turkish Lira.
Each warrant carries a nominal value of TRY 0.1, the bank said in a press release.
Under Article 8 of the bank's articles of association, the board authorized Garanti Bank's head office to apply to the Capital Markets Board of Turkey for approval of the issuance. The authorization gives head office the power to determine the warrant's terms and conditions, including issue dates, warrant type, settlement type, underlying asset, issue price, exercise price, expiration date and conversion rate.
Garanti Yatırım Menkul Kıymetler A.Ş. will serve as market maker for the warrants, the bank said. Head office is also authorized to conduct all necessary applications and procedures with the Banking Regulation and Supervision Agency, the Capital Markets Board, Borsa İstanbul A.Ş., Merkezi Kayıt İstanbul and other relevant authorities.
The bank said it will publish the approved and updated prospectus texts on the Public Disclosure Platform website and on the bank's own corporate website, as required.
The warrant issuance comes as Turkish banks continue to tap capital markets for funding diversification, though no specific use of proceeds was disclosed in the board's announcement.
