Citigroup offers $3 billion in common stock
NEW YORK—Citigroup says it will sell about $3 billion of its common stock in a public offering.
The New York-based bank says the offering will include an over-allotment option to buy more shares.
Citigroup Inc. says it is has already received "strong interest" in the issuance.
The company says Citi Markets & Banking is serving as the book-running manager of the offering.
The company also recently issued $6 billion of preferred stock. The company has been looking to cut costs in the wake of the housing market meltdown and the credit crisis.
Citi shares fell 90 cents, or 3.4 percent, to $25.42 in after-hours trading after falling 49 cents to close at $26.32.
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