LONDON, June 19 (Reuters) - Lloyds Banking Group will on Friday announce the sale of a 38.5 percent stake in TSBand has priced the shares at 260 pence each, at the upper end ofthe expected range, sources familiar with the matter toldReuters on Thursday.
The sources said Lloyds had seen strong demand frominstitutional investors in Britain and the United States as wellas from private retail investors. At least a quarter of theshares will be sold to the retail market.
The price values TSB at 1.3 billion pounds ($2.2 billion),or 0.8 times its book value. ($1 = 0.5864 British pounds) (Reporting by Matt Scuffham; Editing by Louise Ireland)
Lloyds (LLOY)
