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British lender Royal Bank of Scotland said the government will take a 57.9% stake in the group after investors took up just 0.24% of the shares offered in its state-backed capital raising.
Existing shareholders subscribed for just 55.98 million of the shares offered, leaving the government to take up the remaining 22.8 billion shares, RBS said on Friday.
“As a result, HM Treasury will own approximately 57.9% of the enlarged issued ordinary share capital of RBS,” the bank said. RBS shares traded below the offer price of 65.5 pence in the run up to the cash call, reducing investors’ incentive to participate. RBS shares closed at 55 pence on Thursday. (Reuters)