Sale of Royal Mail stake nets £750m
Half of the Government's remaining stake in Royal Mail has been sold, raising £750m to help pay down national debt, the Business Secretary confirmed.
Sajid Javid said 15% of the group had been sold to institutional shareholders at 500p a share - a slight discount to last night's closing price of 516.5p.
A further 1% will be given to Royal Mail employees, meaning staff will share in a chunk of the company worth around £50m, adding to the 10% awarded to employees when the coalition government began the flotation of the then-state-owned firm in 2013.
Members of the public were not involved in this latest share placing, although there will be further stake sales as the Government has said it intends to offload the rest of its remaining stake.
Mr Javid said the sale was "good value for taxpayers".
He said: "That money can be used to reduce public debt, which is how we will deliver lasting economic security for working people.
"Royal Mail has demonstrated that it can thrive in the private sector."