RBS To Reap $718M Through Direct Line Unit Stake Sale

Law360, New York (March 12, 2013, 5:57 PM EDT) -- The Royal Bank of Scotland Group PLC plans to reduce its stake in Direct Line Insurance Group PLC below 50 percent through a rights offering that could raise at least $718 million, the U.K. bank said in a regulatory filing Tuesday.

RBS, which sold nearly 35 percent of U.K.-based Direct Line when it hit the market in October, will unload an additional 15.3 percent stake through a stock sale to institutional investors.

Once the sale is completed, RBS will own 49.99 percent of Direct Line's common...
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