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Lloyds Bank prices TSB stock market listing below book value
June 9, 2014 / 6:16 AM / 3 years ago

Lloyds Bank prices TSB stock market listing below book value

LONDON, June 9 (Reuters) - 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)

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