RBS cashcall closes, govt set for majority stake

LONDON (Reuters) - Royal Bank of Scotland's (RBS.L) 15 billion pound ($22.7 billion) share offer closed on Tuesday, and with its shares languishing well below the offer price the only takers are likely to be the bank's directors.

That will leave the government, which said it will buy all shares not taken by investors, holding a 58 percent stake.

RBS shares have rallied 31 percent in the past week, but the move is unlikely to have enticed investors to buy shares at the 65.5 pence per share offer price.

The offer closed at 1100 GMT, when RBS shares were trading at 54.7p, up 7.7 percent on the day but over 16 percent below the offer price.

RBS was first to launch a share sale as part of last month's 37 billion pound UK bank bailout package by the government. The Edinburgh-based lender is taking 20 billion pounds, including 15 billion from ordinary shares and 5 billion from preference shares.

RBS's board, led by Chairman Tom McKillop, have said they will subscribe for shares. Directors own about 3.2 million shares, representing 0.02 percent of the shares in issue.

Some 95 percent of investors signed up for the bank's record 12 billion pounds rights issue in June, paying 200p per share. More cash is needed after a credit crisis worsened and UK regulators told banks to hold higher capital levels.

RBS is due to release results of the offer on or before Friday. New shares are due to start trading on Monday.

Lloyds TSB (LLOY.L) and HBOS HBOS.L are also due to sell shares to investors, underwritten by the government.

(Reporting by Steve Slater; editing by Simon Jessop)