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Lloyds raises $677m through share sale

Lloyds Banking group has raised £450 million ($677 million) from the sale of 15 per cent of its ownership of St James's Place.

The state-backed financier announced the 77 million stocks were placed up for sale at 580p per unit, representing a 9.4 per cent discount to its closing price last night (22 May).

Its decision to sell the shares follows a move in March to dispose of a stake worth £520 million.

Lloyds confirmed the move, which comprises 15 per cent of St James's Place's share capital, will be complete by 29 May - leaving the bank with 111 million shares in the company.

The bank said: "On completion of the placing, assuming the sale of a 15 per cent stake, the group will realise a gain on sale of £40 million."

Lloyds originally inherited its stake in St James's Place when it bailed out Halifax Bank of Scotland during the worst of the international banking crisis.

Posted by Tony Aynsley