Updated: HSBC has placed a 13.1 per cent stake in Debenhams, previously held by collapsed Icelandic investor Baugur.

The stake was owned by Landsbanki and passed to the nationlised Icelandic bank following the administration of Baugur earlier this month.

In a statement today, HSBC said the 115.8m shares were offered at a range of 40 to 45p a share, but it is understood to have been placed at the top end of the range.

Sources close to the situation said that the placing had been oversubscribed.

Baugur owns 6.5 per cent of the department store chain directly and 6.7 per cent through investment vehicle Unity. Baugur has a 42.5 per cent stake in Unity.