Government to sell 15pc of Royal Mail overnight
‘The Government has announced plans to sell a 15pc stake in Royal Mail to take advantage of “current market conditions”, as it seeks to complete the controversial privatisation.
The placing of 150m shares will take place overnight through a process known as an “accelerated book build” to institutional investors only with retail investors unable to access the process.
The deal will raise more than £770m at current market prices and reduce the Government stake from 30pc, to 15pc.
George Osborne said in his Mansion House speech on Wednesday night: “We want to help the Royal Mail attract more investment and serve its customers, and use the money we raise in return to pay down the national debt.’
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