The Royal Bank of Scotland Group plc (RBS.L,RBS) reported the completion of the sale of 252.3 million ordinary shares in Direct Line Insurance Group plc at a price of £2.01 pence per share, raising gross proceeds of 507 million pounds, assuming the over-allotment is exercised in full.
RBS currently 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 final stake would include 749.9 million shares, equivalent to 49.99% of Direct Line Group's issued ordinary share capital. The company said the sale marks the continuation of its EU-mandated disposal strategy, with cash proceeds being used for general corporate purposes.
According to Bruce Van Saun, RBS Group Finance Director, "We are pleased with the performance of Direct Line Group since the IPO in October 2012. This sale is part of our ongoing delivery against EU commitments and will take our ownership below the 50% level. We continue to execute well against the key milestones in our recovery plan".
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