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Lloyds shares rise amid rights issue rumours

29 October 2009 / by Rebecca Sargent

Shares in Lloyds Banking Group opened with a rise this morning, amid rumours that it has finalised plans to raise £billions through a rights issue.

Despite recent lulls in Lloyds' shares price, this morning saw them rise by more than four per cent as Reuters reported that plans, including a rights issue worth £12billion, had been finalised by the banking group.

Other capital raising plans from Lloyds have also been agreed, Reuters has reported, and if all goes to plan, should plug the £20billion capital gap that Lloyds needs to accomplish to exit the Government's Asset Protection Scheme.

According to reports, Alistair Darling is expected to allow Lloyds' capital raising plans to go to the markets in the next few days.

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