Lloyds in new share offer

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The Independent Online

Lloyds Banking Group issued £350m worth of new shares yesterday as part of its continuing strategy to improve its balance sheet.

The shares are being exchanged for hybrid capital securities held by institutional investors, which carry a higher-than-normal rate of interest.

The 713 million new shares have been issued at 49.09p and represent an increase of just over 1 per cent in the share capital.