Spain's Bankia sells Iberdrola stake at 4.85 euros/shr

MADRID, April 10 Thu Apr 10, 2014 4:10am EDT

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MADRID, April 10 (Reuters) - Spain's biggest state-owned lender Bankia has sold a 4.94 percent stake in Spanish utility Iberdrola at 4.85 euros per share, or a total of 1.53 billion euros ($2.1 billion), the book runners said in a statement on Thursday.

Bankia said capital gains from the sale were 266 million euros.

UBS and Citigroup had acted as joint book runners on the sale through an accelerated book build, marking Bankia's latest disposal of corporate stakes in a move to slim down and strengthen its balance sheet. ($1 = 0.7234 Euros) (Reporting by Tracy Rucinski; Editing by Sonya Dowsett)