Royal Mail will be sold by the British government through flotation on the London Stock Exchange. Source: AAP
UP to 150,000 Royal Mail staff are to be handed thousands of pounds in free shares as part of a privatisation, the British government says.
Business Secretary Vince Cable said 10 per cent of the new company would be gifted to employees under the STG3 billion ($A4.89 billion) sell-off, which will begin over the next year.
"These shares will be free to eligible employees, recognising that many of them would otherwise find them unaffordable," he told MPs in a statement on Wednesday.
Cable said the final proportion of Royal Mail to be sold would depend on market conditions, although it would be a majority stake.
The shares will be available to the general public as well as institutional investors under the terms of the initial public offering (IPO).
The Conservative-Liberal Democrat government, led by Prime Minister David Cameron, relaunched plans to part-privatise Royal Mail three years ago and after the proposal was ditched by the former Labour administration.
Former prime minister Gordon Brown's Labour government scrapped the sell-off plans in 2009 as Britain struggled with recession following the global financial crisis.
But Royal Mail recently announced that its profit after tax soared to STG566 million in 2012-13 compared with a net gain of STG149 million during its previous financial year. Revenue grew almost 6.0 per cent to STG9.27 billion.
Royal Mail continues to operate most British postal services even though its more than 350-year-long monopoly of the letter-delivery business ended in 2006 as new rules kicked in to allow rival operators to win a slice of the market.
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