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Tuesday, Sep 17
U.K. sells 6% of Lloyds shares for £3.2B
- The U.K. has raised £3.2B after selling a 6% stake in Lloyds (LYG) in a deal that marks the start of the government's privatization of its holding in a bank that received a £20.5B bailout during the financial crisis in 2008.
- Government body UK Financial Investments (UKFI) sold the shares to unnamed institutions at 75 pence each, a 3% discount to Lloyds' close yesterday of 77.36 pence but above the state's average buy-in price of 73.6 pence.
- The sale was 2.8 times covered by demand.
- The government's holding in Lloyds fell to 32.7% from 38.7%; it will now refrain from selling any more shares for 90 days.
- Lloyds' shares -2.2% to 75.67 pence in London.