By Adria Calatayud

Shareholders in M&G PLC (MNG.LN) plan to sell 57 million shares in the company following its demerger from Prudential PLC (PRU.LN), broker J.P. Morgan Securities PLC said Tuesday.

The share sale would be worth around 115.5 million pounds ($149.6 million), based on Tuesday's closing price.

The shares will be sold via an accelerated bookbuild offering and proceeds will be distributed to the entitled Prudential American depositary receipt holders, J.P. Morgan Securities said.

M&G shares closed 7% lower at 202.65 pence.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

October 22, 2019 12:33 ET (16:33 GMT)

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