Barclays Shares Tumble As Holder Sells $1.2 Billion Stock Block

March 29, 2022

Barclays Plc shares fell in early trading Tuesday as a shareholder sold about 900 million pounds ($1.2 billion) of stock, a day after the lender revealed a costly blunder in how it sold billions of dollars in securities.

The shares for sale were priced at 150 pence, according to terms seen by Bloomberg. The London-listed stock fell 4.4% to 153.4 pence as of 8:35 a.m. Goldman Sachs Group Inc. facilitated the book building process. A representative at Barclays declined to comment.

Large stake sales have started trickling in recent days, with activity rebounding from a near clampdown on equity offerings due to Russia’s invasion of Ukraine in February. Big holders including Qatar’s sovereign wealth fund have offloaded stakes in companies such as London Stock Exchange Group Plc, Glencore Plc and Gaztransport Et Technigaz SA.

The identity of the Barclays seller wasn’t disclosed. The British bank’s three largest shareholders are BlackRock Inc., Vanguard Group and the Qatar Investment Authority, according to data compiled by Bloomberg. Vanguard declined to comment, while the other firms didn’t respond to requests for comment.

On Monday, Barclays said that it expected to take a 450 million-pound hit after mistakenly issuing about $15 billion more structured notes and exchange traded notes than it had registered for sale. London-listed shares in the bank closed about 4% lower on Monday, before the block trade was announced.

SOURCE: Bloomberg
IMAGE SOURCE: Pixabay

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