Barclays is selling 7.4% of Absa, a stake in its former African unit valued at as much as R11.1 billion.

The firm is placing about 63 million shares to institutional shareholders via an accelerated bookbuild placing, according to a statement Wednesday. Barclays gathered enough investor orders to cover the sale within minutes of opening the book, terms seen by Bloomberg showed. 

The sale represents about half of Barclays’ 15% holding in the African lender. The British bank, which has had a presence in Africa for more than 100 years, has been reducing its stake in Johannesburg-based Absa in recent years. It sold off much of its controlling stake in the group - then-Barclays Africa Group - in 2017. 

Barclays, Absa, Citigroup, Banco Santander and Societe Generale SA are arranging the sale.