General Motors says the underwriters in its recent initial public offering have exercised their full over-allotment option to purchase an additional 71.7 million shares of common stock, bringing the total size of its recent IPO to $23.1 billion.
The automaker's over-allotment shares were worth $2.37 billion. The underwriters also exercised the right to purchase an additional 13 million shares of mandatory convertible junior preferred stock from the Detroit automaker, for a total of $650 million.
The closing for the additional shares is expected to take place on Dec. 2.
GM stock rose 32 cents, or nearly 1 percent, to close Friday at $33.80.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
for more features.