Lloyds Banking Group the UK’s biggest mortgage lender plans to raise a record 22.3 billion in the country’s biggest rightw offering selling shares at a 59.5% discount. The bank gained in London trading. The shares will be sold at 37 pence each compared with Monday’s closing price of 91.47 pence a share the London based lender said in a statement on Tuesday. Lloyds will offer 1.34 new shares for every one held in an issue of 36.5 billion shares.
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Lloyds announced its intention to raise the money in a fully underwritten rights offering on November 3.
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