Government's $15 B T3 shares debut on ASX

Telstra has begun the trading of its third tranche of shares

Telstra's T3 share offer got off to a steady start on its first day of trading on the Australian Stock Exchange.

At 3.40 PM AEST the shares were trading at $3.59. So far today the shares have peaked at $3.66 and dipped to $3.58.

For its third tranche the company issued two types of shares: one for institutions at $3.70 and the other for retail at $3.60 per share. In comparison, Telstra issued its T2 shares at $7.40 while its T1 shares were sold at $3.30.

The retail share is made up of $2.00 for the first instalment, which includes a 10 cent per share discount to the price paid by institutions, and $1.60 for the final instalment, payable in May 2008, when eligibility for a 1 in 25 bonus share will also accrue, said Minister for Finance and Administration, Senator Nick Minchin.

Just under 4.25 billion shares have been issued which at face value represents a total of $15.5 billion heading the way of the Federal Government.

"Due to the exceptional support for the Telstra 3 Share Offer from retail and institutional investors, the Government will be able to sell around 35 percent of Telstra (assuming all shares in the Over-allotment Option remain sold)," Senator Minchin said.

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