September 26, 2012 / 11:37 PM / 5 years ago

RBS to offer Direct Line at a discount - FT

LONDON, Sept 27 (Reuters) - Royal Bank of Scotland will sell shares in its insurance division Direct Line Insurance at a lower-than-expected level, the Financial Time said on Thursday.

The newspaper cites people close to the flotation as saying books are expected to open this week with a price range set to have a midpoint of about 2.6 billion pounds ($4.20 billion).

The forced sale of Direct Line could be the biggest listing on the London Stock Exchange for more than a year.

The part-nationalised lender wants to woo prospective investors with a discount to the price tag of between 2.7 billion pounds and 2.9 billion pounds that equity analysts had put on the business, the FT said.

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