LONDON, June 9 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.
($1 = 0.5956 British Pounds)
(Reporting by Matt Scuffham; editing by Kate Holton)