By Dimitrios Kontos

Royal Bank of Scotland Group PLC (RBS) said Tuesday that it has raised approximately 85 million pounds ($121.5 million) via a share subscription.

The majority U.K. state-owned bank said that it will use the funds to partly neutralize the impact of 2018 coupon payments on discretionary hybrid capital, as it had stated with the announcement of its 2017 results.

The company issued approximately 32.5 million new ordinary shares at a subscription price of 261.7265 pence each, it said.

The subscription price was determined by the average market price since Feb. 23, the company said.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

April 17, 2018 13:53 ET (17:53 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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