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Royal Bank of Scotland Group PLC Narrows Direct Line IPO Price Range-Reuters


Tuesday, 9 Oct 2012 01:38pm EDT 

Reuters reported that Royal Bank of Scotland Group PLC (RBS) plans to price the stock market listing of its Direct Line insurance business at between 170p and 177.5p, in the lower half of its initial range. The British bank, which is 82% owned by the government following a 2008 bailout, had initially set a price range of between 160p and 195p, but this has been narrowed ahead of the offer closing on October 10, 2012. RBS will sell at least 30% of its shares, the sources said, meaning it will raise a minimum of GBP765 million ($1.2 billion). It had planned to sell between 25% and 33% in the initial public offering (IPO). At the bottom of the new range, Direct Line would have a total value of GBP2.55 billion.