Financial Times FT.com

Lloyds seeks to raise £21bn

By Patrick Jenkins and Kate Burgess

Published: October 29 2009 13:44 | Last updated: October 29 2009 23:55

Shares in Lloyds Banking Group surged 7.5 per cent on Thursday as the bank began detailed consultations with investors about a £21bn capital raising and played down the impact of concessions demanded by Brussels for state aid.

Eric Daniels, chief executive, and advisers met leading shareholders to discuss issuing £7.5bn of convertible bonds and a rights issue of £13bn, the biggest ever in the world.

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