RBS sells rights issue rump at 230p/share

LONDON (Reuters) - Royal Bank of Scotland (RBS.L) sold shares not subscribed for in its record rights issue for 230 pence apiece, or about 690 million pounds for the whole "rump", the bank said.

RBS said earlier on Monday that 95.1 percent of investors subscribed for the rights issue and its underwriters Merrill Lynch, Goldman Sachs and UBS had sold the remaining 299.4 million shares.

By 1425 RBS shares were down 3.9 percent at 236.25p. The shares have been expected to be placed at 242-245p each but news of a big loss for U.S. investment bank Lehman Brothers LEH.N sent European bank shares falling before midday, dealers said.

(Reporting by Steve Slater; Editing by David Holmes)