26th Mar 2015 06:45
LONDON (Alliance News) - Royal Bank of Scotland Group PLC on Wednesday sold an approximate 25% stake in Citizens Financial Group Inc in the US, raising a total of USD3.21 billion.
RBS sold 135 million shares in Citizens, around 25% of its issued share capital, for USD23.75 per share. The amount of shares sold was more than RBS had indicated when it first announced the share sale on Monday, when it said it would sell 115 million shares, plus an over-allotment option.
Upon closing of the offer, RBS ownership of Citizens will be cut from around 70.3% to 45.6%. If the over-allotment option is taken up the underwriters on the issue, RBS's remaining stake would be around 41.9%.
The issue was handled by joint global coordinators and joint bookrunners Morgan Stanley and Goldman Sachs, with JPMorgan and Citigroup acting as joint bookrunners.
By Sam Unsted; [email protected]; @SamUAtAlliance
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