UK raises $1.2billion from Royal Mail Stake Sale

Britain on Thursday said it had raised 750 million pounds ($1.2 billion) by selling half of its 30 percent stake in Royal Mail (RMG.L), and said it saw no reason to keep any holding in the postal service that was wholly state owned until 2013.

The government confirmed the shares were sold at 500 pence each to institutions.

Business Secretary Sajid Javid said the sale represented good value for taxpayers.

In a speech on Wednesday, Finance Minister George Osborne said the government would also award up to 1 percent more of Royal Mail’s shares to staff, after giving them 10 percent of the 500-year old postal operator in 2013.

Source: Reuters