Direct Line sets 175p float price

Royal Bank of Scotland (LSE: RBS) kept steady at 263p in early trade this morning after the bank announced its Direct Line insurance subsidiary is to be sold for 175p per share.

The FTSE 100 member confirmed up to 518 million shares in Direct Line would be offered to investors. The flotation is expected to raise gross proceeds of at least £787 million for RBS.%VIRTUAL-SkimlinksPromo%