September 17, 2013 / 6:12 AM / 5 years ago

Lloyds shares sale 2.8 times covered: source

A pedestrian is seen passing the head office of the Lloyds Banking Group in central London in this August 5, 2009 file photograph. REUTERS/Stefan Wermuth/Files

LONDON (Reuters) - Britain’s sale of shares in Lloyds Banking Group (LLOY.L) was 2.8 times covered at a price of 75 pence per share, a source with direct knowledge of the transaction told Reuters on Tuesday.

UK Financial Investments, which manages the government’s stake in the bank, sold 6 percent of the bank’s shares to financial institutions via an accelerated bookbuild.

Reporting by Matt Scuffham; Editing by Steve Slater

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