Shares in Gosforth and Edinburgh-based challenger bank Virgin Money fell more than 6% on Thursday after WL Ross — the investment firm managed by billionaire Wilbur Ross — said it agreed the sale of its remaining shareholding in Virgin Money with gross proceeds “equal to £171.5 million.”

WL Ross said that following strong demand, it decided to “upsize the transaction” to 53.6 million shares from the 27 million shares announced on Wednesday. 

WL Ross sold at 320p per share. Virgin Money shares fell about 6.3% to 317.3p after the transaction was announced.

The placing shares represent about 12% of Virgin Money’s issued share capital. 

When the placing is completed, WL Ross will not hold any shares in Virgin Money.

BofA Merrill Lynch and Goldman Sachs International acted as joint bookrunners in connection with the placing.