Lloyds Banking gets 95% rights take-up

Lloyds Banking has received overwhelming backing from investors for its £13.5bn cash call with a take-up of over 95% of the shares on offer.Analysts had expected a strong positive response as the shares were offered on a 1.34 for 1 basis at 37p each, compared to the ex-rights closing price on Friday of 56p.Lloyds wants the money to avoid being tied into the government's £260bn toxic asset protection scheme. The Treasury is taking up its rights as part of the issue, investing £5.7bn net of an underwriting fee, to keep its stake in Lloyds at 43%. In a statement, Lloyds said it received valid acceptances in respect of 34.79m new shares representing approximately 95.314% of the total number on offer.Eric Daniels, Group Chief Executive, said: "I would like to thank our shareholders for their considerable support for our capital raising programme. Our focus remains on delivering on our plans to become the UK's leading financial services company, which we believe will result in significant benefits for all our shareholders."