Lloyds narrows TSB IPO price range to 250-270p/share -sources

LONDON, June 17 (Reuters) - Lloyds Banking Group has narrowed the price range for its stock market listing of TSBBanking Group to between 250 pence and 270 pence,sources familiar with the matter told Reuters on Tuesday.

One of the sources said that the initial public offering(IPO) was "well-oversubscribed" at that price range.

Lloyds had initially priced the sale of a 25 percent stakein TSB at between 220 pence and 290 pence per share, equivalentto between 0.7 and 0.9 times its book value.

The bottom end of the new range values the business at 1.3billion pounds or 0.8 times book value.

(Reporting by Vikram Subhedar and Matt Scuffham; Editing bySteve Slater)