Royal Mail." sell-off 2.
Byline: Edited by GRAHAM HISCOTT
THE Government kicked off the sale of half their remaining stake in Royal Mail last night - but this time, the shares will be sold to institutional investors rather than members of the public.
Business Secretary Sajid Javid authorised the start of an "accelerated bookbuilding" process which will see the taxpayer holding in the group cut from 30 per cent to 15 per cent.
But ministers were immediately criticised by Labour, who said they had failed to learn lessons from the earlier "botched fire sale" of the company.
The stock being sold off is worth about PS775million at Royal Mail's value at the close of trading yesterday. Shares are up 20 per cent since the start of the year.
Shadow Business Secretary Chuka Umunna MP said: "It's disgraceful the Government are rushing to dump their stake in Royal Mail to City speculators without giving ordinary investors a look-"The Government do not seem to have learned the lessons from their initial botched fire sale of the Royal Mail."