Citigroup's Sells More Stock To Shore Up Balance Sheet

May 2008 | Corporate Financing News Alert

On April 29 Citigroup Inc tapped up the market again for the second time in nine days, when it raised US$4.5bn in a sale of common stock, 50% more than the US$3bn it originally planned to raise. The New York-based bank sold a total of 178.1mn shares, at a price of US$25.27 each, which takes the total amount of money that Citigroup has recently collected from investors to around US$39bn. The recent sale follows an issuance of US$6bn of preferred stock - a bond-like security that doesn't dilute common shareholders capital - on April 21.

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