Direct Line sells extra shares

Newly-floated Direct Line Group yesterday announced that 34.5 per cent of the company’s shares were sold in its initial public offering, after Goldman Sachs exercised an over-allotment option. This leaves RBS owning 65.3 per cent of the insurance group following the firm’s float on the London Stock Exchange. The bank’s remaining shares are expected to be sold in two further tranches before the end of 2014.