Govt sells 6% of Lloyds stake

The Government raised £3.2bn last week through the sale of around 6 per cent of its stake in Lloyds Banking Group to institutional investors.

In a statement to the London Stock Exchange, UK Financial Investments – the company that manages the Government’s shareholdings in bailed-out banks – said it plans to reduce the size of the Treasury’s stake in Lloyds from 38.7 per cent to 32.7 per cent.

The shares were placed at 75p a share, meaning the Treasury will net around £3.2bn from the sale and realise a £61m profit.

UKFI and the Treasury have agreed not to sell any more shares in the bank for 90 days.