Borse Dubai launches sale of 8.5m LSE shares

Borse Dubai has launched an accelerated sale of 8.5 million shares in the London Stock Exchange, representing around 3.1 per cent of the company's issued capital, two sources familiar with the matter said.

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

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 per cent stake.

Nomura is sole bookrunner on the transaction.