By Alistair Barr, MarketWatch
SAN FRANCISCO (MarketWatch) — General Motors Co. said Friday that its public offering grew to $23.1 billion after underwriters exercised their rights to buy a big chunk of the auto maker’s stock.
GM (GM $33.80, +0.32, +0.96%) announced that the underwriters exercised in full their overallotment options to purchase an additional 71.7 million shares of common stock from the selling stockholders. At $33 each, that’s $2.37 billion.
The underwriters also bought an additional 13 million shares of mandatory convertible junior preferred stock from GM, for a total of $650 million.
The convertible offering was done at the same time as the common-stock sale, which returned GM to the stock market after the U.S. government’s bailout and a controversial bankruptcy reorganization.
