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Lloyds raises £450m from sale of further 15% stake in SJP

Lloyds raises £450m from sale of further 15% stake in SJP

Lloyds Banking Group has raised around £450 million from the sale of a further 15% stake in restricted advice group St James's Place (SJP).

Lloyds unveiled plans to sell a further 15% stake in SJP yesterday evening, following the Prudential Regulation Authority's approval of the bank's capital adequacy plans.

The sale breaks the one year lock-up Lloyds originally agreed to when it sold a 20% stake in SJP in March.

The 77 million shares in SJP were sold at a £5.80 per share.

In March Lloyds sold a 20% stake in SJP, or 102 million shares, for £5.10 per share raising around £520 million with the bank realising a gain of  £394 million from the sale.

Lloyds inherited a 60% stake in SJP when took over HBOS in 2008.

At the start of 2013 Lloyds owned a 57% share of SJP. The bank now owns 21%, or 110 million shares, of the advice group.

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