3rd Aug 2015 16:05
LONDON (Alliance News) - UK Financial Investments Ltd on Monday said it will begin selling the UK government's shareholding in the Royal Bank of Scotland Group PLC with the sale of a 5.2% stake to institutional investors.
The 5.2% stake represents approximately 600 million RBS shares, and the price at which they are sold will be determined by way of an accelerated bookbuilding process, UKFI said.
Following the transaction, HM Treasury will hold a 73.2% economic interest in RBS including ordinary and B shares, and a 52% interest in ordinary shares.
UKFI said that no further shares will be sold by the UK government for a period of 90 calendar days following the completion of the placing, without the prior written consent of a majority of the bookrunners.
The bookrunners comprise Citigroup Global Markets, Goldman Sachs International, Morgan Stanley & Co International and UBS. NM Rothschild & Sons is acting as capital markets adviser.
Shares in RBS closed down 0.8% at 339.57 pence on Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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