Lloyds Banking Group announces share sale
Lloyds Banking Group announces share sale
Tuesday 24th November 2009
Lloyds Banking Group has today announced it will be selling shares at 37p in the UK's biggest rights issue.The discount on its shares was taken in a bid to avoid taking part in the government's asset protection scheme.
The group, which is 43 per cent owned by the taxpayer, is selling shares at a discount of 59.5 per cent to Monday's closing price.
A rights issue is where a company issues new shares and sells them to existing shareholders at a discount to the listed share price. The new shares amount to 1.34 new shares for each existing share.
Lloyds Banking Group aims to make £13.5 billion from the sale. The rights issue is part of Lloyds' wider plans to raise about £22.5 billion overall.
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