The Government will own nearly 58% of embattled banking giant RBS after existing investors shunned its £15bn rights issue.
In a statement released this morning, RBS announced just 0.24% of the cash call was snapped up by investors by the 25 November deadline. It means HM Treasury will need to take on the nearly all of the 23bn new RBS ordinary shares, equating to about 57.9% of the bank's capital. The bank's shareholders snubbed the issue because RBS has been trading well below the 65.5p per-share offer price announced back in October. RBS share price is steady this morning at 55p. Contact: Hysni Kaso - 0207 484 9793 - [email protected] IFAonline