Royal Bank of Scotland raised 261 million pounds ($424 million) from selling more shares in its U.S. business Citizens after banks underwriting its stock market listing took up an option to purchase extra shares, sources told Reuters.RBS, which is 80 percent-owned by the British government, on Wednesday raised $3 billion from an initial public offering of Citizens shares on the New York Stock Exchange, through which it sold a 25 percent stake in the business.Banks underwriting the IPO, which included Morgan Stanley, Goldman Sachs and JP Morgan, were granted an option to buy a further 3.5 percent of the shares under the terms of the deal.Sources familiar with the matter told Reuters on Sunday that they had taken up the option after shares in Citizens rose by 7 percent on their market debut, valuing the business at $13 billion.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 1.26% or $0.43/share to $34.65. In the past year, the shares have traded as low as $26.41 and as high as $36.44. On average, 8940850 shares of MS exchange hands on a given day and today's volume is recorded at 8237058.
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