British government to sell some of its stake in part-nationalized Lloyds Banking Group

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The British government plans to sell a 3 billion pound ($4.7 billion) chunk of its stake in part-nationalized Lloyds Banking Group, which was bailed out by taxpayers during the 2008 financial crisis.

The Treasury says it is introducing a trading plan in which shares will be sold on the market "in an orderly and measured way." It says sales could begin within days and the plan, overseen by Morgan Stanley, will continue for about six months.

Shares won't be sold below the average price which the previous government paid for them, 73.6 pence ($1.15).

The new sale aims to shed about a fifth of the government's remaining 25 percent stake in the bank.

Lloyds shares closed 1.5 percent lower at 75.35 pence Wednesday on the London Stock Exchange.