Conglomerate GT Capital Holdings, Inc. (GTCap) said on Thursday that it earned P13.4 billion after conducting overnight placement of 23.027 million shares to institutional investors.

According to GTCap, there were about 100 global investors in the order book, which was more than three times oversubscribed, making it the largest overnight placement executed in the Philippines.

The placement increases the public free float of GTCap from 30 percent to about 40 percent.

Also, GT Cap disclosed to the local bourse on Thursday that after it launched and priced the overnight placement, the placement, which was priced at P620 per share, raised approximately P10.1 billion of primary proceeds for GTCap and P4.2 billion of secondary proceeds for Grand Titan Capital Holdings Inc.

Grand Titan Capital Holdings is GTCap’s controlling shareholder and was the selling entity for the transaction.

“The primary component is realized via a top-up structure, whereby Grand Titan is concurrently subscribing to 16.300 million new shares to be issued by GTCap, at the same price as the placement,” the disclosure said.

In October 2012, GTCap announced an agreement to acquire an additional 30 percent stake in Toyota Motor Philippines (TMP) from Metropolitan Bank and Trust Company (Metrobank) for P9 billion. It added that the majority of the primary proceeds will be used to fund the acquisition.

GTCap said that the balance of the primary proceeds will be used for general corporate purposes, which is in line with its strategy it set out at the time of its initial public offering (IPO) in April 2012.

“We are extremely pleased with the continuous support and confidence that the global investor community has given to GT Capital since our IPO,” said Arthur Ty, GTCap chairman.

GTCap President Carmelo Maria Luza Bautista added that, “We are optimistic about the growth prospects for GTCap given the strong macro fundamentals of the Philippines.”

UBS acted as sole book runner for the placement.