Bank of America Raises $13 Billion in Share Sale

by Benjamin Domenech on 7:55 pm May 19, 2009

Bank of America Corp. has raised roughly $13 billion after selling 1.25 billion shares of common stock, according to people familiar with the situation. The sale is part of the bank’s previously announced plan to sell common shares as it tries to come up with $33.9 billion in equity to meet the U.S. government’s stress test requirements. On Tuesday it sold a block of 825 million shares at $10, which was below its Tuesday closing price of $11.25. It sold the other 425 million shares previously.

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