BarclaysPlc has launched an accelerated book building process to sell 103.6million ordinary shares in unit Barclays Africa Group Ltd.
The shares, which represent about 12.2% of the subsidiary'sissued share capital, are being offered to institutional investors. The Britishbank announced itsintention to reduce its 62% stake on March 1, when the parent company reporteda fourth-quarter 2015 loss of £2.42 billion.
In the current placing, the Public Investment CorporationSOC Ltd. will be the anchor investor for up to 10.3 million shares, whichrepresent up to 1.2% of Barclays Africa's issued share capital.
All remaining ordinary shares in Barclays Africa that areheld by Barclays Plc or its subsidiaries that are not sold in the placing willbe subject to a 90-day lock-up restriction from settlement.
Barclays Bank, acting through its investment bank, is thesole global coordinator and joint book runner for the deal. Citigroup GlobalMarkets, J.P. Morgan Securities, UBS Ltd. and Barclays Investment Bank are thejoint book runners on the transaction.