Lloyds Banking Group will on Tuesday launch the UK’s largest rights issue to raise £13.5bn, offering investors new shares at 36p each, a huge discount, ahead of a shareholder vote on Thursday. The rights issue is part of the 43.5% state-owned bank’s £22.5bn capital raising. Lloyds is expected to price the new shares at just over 36p, allocating about four shares for every three that investors own and keeping the discount at the narrowest level of the price range contained in the prospectus earlier this month.

This entry was posted by Gwen Robinson on Tuesday, November 24th, 2009 at 4:55 and is filed under Capital markets. Tagged with Lloyds Banking Group. Edit this entry.