Banking stocks were among the worst performers in London on Tuesday with Lloyds sinking after the government began to sell-off its stake in the lender five years after its state bailout back in 2008.
The UK Financial Investments, the company that manages the government's investments in Lloyds and fellow state-backed lender RBS, placed a 6% stake in Lloyds this morning, selling shares to institutional investors at a 3.1% discount to yesterday's closing price.
The sale of 4.3bn shares at a price of 75p each, which raised around £3.2bn for the Treasury, reduced its shareholding from about 38.7% to approximately 32.7%.
"The simple manner in which the shares were placed will no doubt be welcomed by investors," said analysts at Jefferies.
"We can only hope that the rest of the government's stake in Lloyds and RBS is disposed of in such an effective manner."
Source: Livecharts
The UK Financial Investments, the company that manages the government's investments in Lloyds and fellow state-backed lender RBS, placed a 6% stake in Lloyds this morning, selling shares to institutional investors at a 3.1% discount to yesterday's closing price.
The sale of 4.3bn shares at a price of 75p each, which raised around £3.2bn for the Treasury, reduced its shareholding from about 38.7% to approximately 32.7%.
"The simple manner in which the shares were placed will no doubt be welcomed by investors," said analysts at Jefferies.
"We can only hope that the rest of the government's stake in Lloyds and RBS is disposed of in such an effective manner."
Source: Livecharts
