By Michael Susin
NatWest said Thursday that it seeks to sell part of its shareholding in Permanent TSB Group Holdings, simultaneously with the Minister for Finance of Ireland, Michael McGrath, via a share placing to institutional investors.
The U.K. bank said that the selling price will be determined by way of an accelerated book building process, which will be open immediately.
The placing is estimated to comprise around 33 million of Permanent TSB shares, reflecting around 6.0% of the issued share capital. McGrath and NatWest are both expected to dispose of 3.0% of share capital each, it added.
Following the placing, McGrath’s overall shareholding will be reduced to 59.4% from 62.4%, while NatWest’s shareholding will be cut to 13.6% from 16.7%.
Write to Michael Susin at [email protected]
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