NEW YORK (CNNMoney.com) -- Wells Fargo said it raised more than $12 billion in a stock sale Tuesday as part of a plan to repay $25 billion in government aid.
The sale came one day after the lender joined Citibank (C, Fortune 500) and Bank of America (BAC, Fortune 500) in announcing plans to return money received last year under the government's Troubled Asset Relief Program.
Wells Fargo said it sold 426 million shares of common stock at $25 per share. The deal's underwriters, which include Goldman Sachs (GS, Fortune 500), exercised options to buy an additional 63.9 million shares.
All told, the bank said it sold 489.9 million shares for a total of $12.25 billion.
On Monday, Wells Fargo said it planned to raise $10.4 billion in the stock market. It also announced plans to sell $1.5 billion worth of assets. But the bank said Tuesday that the additional shares purchased by the underwriters had eliminated the need to sell those assets.
"We are very pleased with the positive reception for this equity offering, and we appreciate the confidence investors have demonstrated in Wells Fargo's strength and future prospects," said Howard Atkins, Wells Fargo's chief financial officer, in a statement.
|Overnight Avg Rate||Latest||Change||Last Week|
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