The Agricultural Development Bank (ADB) has successfully raised GHS127 million from a private placement that began a few weeks ago.

This is equivalent to approximately 18% of the new issued share capital with the support of its new shareholder Ghana Amalgamated Trust (GAT).

ADB's issued share capital has now increased to GHS700 million.

At the same time, the total number of ordinary shares in issue will increase to 300,798,407 shares of no-par value.

The new shares have since been admitted to the main market of the Ghana Stock Exchange and rank ‘pari passu’ to existing ordinary shares in ADB in all respects.

According to a circular from ADB and its Lead Manager and Sponsoring Broker, Serengeti Capital Markets, the net proceeds from the Private Placement will be mainly utilised to fund ADB’s core lending activities to the agriculture sector and support the Ghanaian economy in general.

Meanwhile, ADB is trading at GHS5.06 per share on the GSE.