General Motors, the US car maker bailed out by the government last year, has said it expects to raise $13 bn in its proposed share offering.
In a statement on Wednesday the company said the offer will consist of 365 mn common shares at an expected price range of $26-$29 each.
The common stock will be sold by large stakeholders including the US Treasury – which owns 60 percent of General Motors – and the national Canadian and provincial Ontario governments.
General Motors says it also plans to issue 60 mn convertible preferred shares for $50 each, which will convert to common shares in three years.
The company will embark on a global roadshow to sell the stock to investors this Friday (November 5), with the sale expected to take place on November 18, reports the Associated Press.
Two teams will be involved, one fronted by CFO Chris Liddell, and the other led by vice chairman Steve Girsky, the news agency adds.
A host of banks will act as joint book-runners on the offering, according to GM.
The list features Bank of America Merrill Lynch, Barclays Capital, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and RBC Capital Markets.
