September 4, 2014 / 6:23 PM / 3 years ago

Borse Dubai launches sale of 8.5 mln LSE shares - sources

LONDON, Sept 4 (Reuters) - Borse Dubai has launched an accelerated sale of 8.5 million shares in the London Stock Exchange, representing around 3.1 percent of the company’s issued capital, two sources familiar with the matter said on Thursday.

The latest price guidance on the shares is 20.20 pounds ($33) each, one of the sources said, valuing the stake at 171.7 million pounds and representing a 3 percent discount to the closing price of 20.85 pounds.

The deal is well covered with books closing at 1800 GMT, one of the sources said.

The proceeds from the sale will be used to fully subscribe to the LSE’s upcoming rights issue. Bourse Dubai will remain the LSE’s largest shareholder with a 17.4 pct stake.

Nomura is sole bookrunner on the transaction. (1 US dollar = 0.6117 British pound) (Reporting by Freya Berry; editing by Keiron Henderson)

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