Approximately 7.5 per cent of Lloyds is up for grabs, or 5.35bn ordinary shares. That should see the government's stake in Lloyds reduced from 32.7 per cent to roughly 25 per cent.
Shares in the bank have closed trading at 79.1p, up on the 75p the first trance of shares was sold at last September. So this second tranche is worth in the region of £4.2bn at current values.
Bank of America Merrill Lynch, JPMorgan, Morgan Stanley and UBS have been appointed to act as bookrunners. Lazard is acting as capital markets adviser and Freshfields Bruckhaus Deringer is acting as legal counsel to UKFI in respect of English and US law.