U.K.’s biggest mortgage lender, Lloyds Banking Group Plc, is selling shares at a 59.5 % discount in an effort to raise a record 13.5 billion pounds ($22.3 billion) in the country’s biggest rights offering. It was forwarded by the London-based company today that it mulls to sell shares at 37 pence each, compared with yesterday’s closing price of 91.47 pence a share. A statement issued by the bank informed that 1.34 new shares would be offered by Lloyd for every one held in an issue of 36.5 billion shares.

Lloyds is hoping to raise the money in a fully underwritten rights offering this month. The statement continued, “The share sale will surpass the 12.5 billion-pound share sale by HSBC Holdings Plc in March, previously Britain’s biggest.”

The bank has taken this decision in order to avoid the government’s Asset Protection Scheme, which would have raised the taxpayer stake to a majority from 43 percent at present.

Nearly 2.8 million shareholders hold stake in Lloyds alongwith biggest number of private shareholders in the U.K, estimating for 7.5 percent of its market value. The company informed that on average, shareholders own 740 shares each and they would be charged 366.67 pounds, if they take up their rights.

This week will witness shareholders voting in for the capital raising.