Provider: Zacks Investment Research Inc.
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Royal Bank of Scotland Group PLC Completes Partial Sale Of Direct Line Group plc Ordinary Shares
Royal Bank of Scotland Group PLC announced that on March 12, 2013, RBS has completed the sale of 252.3 million ordinary shares in Direct Line Insurance Group plc (Direct Line Group) at a price of GBP2.01 pence per share, raising gross proceeds of GBP507 million, assuming the over-allotment is exercised in full. RBS now holds 726.9 million ordinary shares of Direct Line Group, representing 48.5% of the issued ordinary share capital. If the over-allotment option is not exercised, RBS's remaining stake will comprise 749.9 million shares, equivalent to 49.99% of Direct Line Group's issued ordinary share capital.
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