Lloyds Banking Group on Tuesday launched the UK’s largest rights issue to raise £13.5bn ($22bn), offering investors new shares at 37p each, a discount of nearly 40 per cent ahead of a shareholder vote on Thursday.
The rights issue is part of a mammoth £22.5bn capital raising that aims to repair the bank’s balance sheet after its ill-fated 2008 takeover of HBOS.
