October 17, 2012 / 4:25 PM / in 5 years

Direct Line says over-allotment exercised

LONDON, Oct 17 (Reuters) - Direct Line Insurance Group , the newly floated British insurer, said on Wednesday that a 34.5 percent stake in the company was sold through its initial public offering, after Goldman Sachs exercised an over-allotment option.

The insurer was floated by parent company Royal Bank of Scotland earlier this month and the bank retains a 65.3 percent stake in Direct Line following the exercise of the over-allotment option.

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