Lloyds Banking Group has raised around £520 million from institutional investors from the sale of a 20% stake in advice group St James’s Place.
Yesterday Lloyds announced it planned to sell a 20% stake, or 102 million ordinary shares, in SJP from which it would realise a gain of between £350 million and £400 million.
This morning the bank announced it had placed 101,703,070 shares at a price of £5.10 per share putting the gross proceeds of the placing at around £520 million.
Following the sale of 20%, Lloyds will be left with a 37% holding in SJP and it will not sell any more shares in the firm for at least a year.
Lloyds inherited a 60% stake in SJP when it took over HBOS in 2008.