LONDON: Lloyds Banking Group said on Monday it would sell a quarter of its shares in TSB, through a listing on the London stock market priced at below the business's book value.
Lloyds, which must sell the business as a condition of its government bailout during the financial crisis, said the shares would be sold at between 220 pence and 290 pence each.
The mid-point of the range values the business at 1.3 billion pounds ($2.1 billion), below its book, or net asset value, of 1.6 billion pounds.
Final pricing will be announced on June 20, with initial dealings starting on the same day. (Reuters)