UKFI to place 6 per cent of Lloyds with institutional shareholders

16th Sep 2013 17:23

UK Financial Investments has announced its intention to sell approximately a 6 per cent stake in Lloyds Banking Group by means of a placing with institutional investors. The price will be set by means of an accelerated bookbuilding process, which began immediately following the announcement. As a result of the above the Treasury´s shareholding in the company will be reduced from about 38.7% to approximately 32.7%.The joint bookrunners for the placing - Bank of America Merrill Lynch, JP Morgan Cazenove and UBS Investment Bank - have undertaken not to sell further shares in Lloyds for a period of 90 calendar days following the completion of the placing without the prior written consent of a majority (by participation) of the joint bookrunners.Details of the placing price and the number of placing shares will be announced in due course.AB