Morgan Stanley and Wells Fargo priced the size of their common stock offerings on Friday, as they looked to raise money to fulfill capital requirements laid out by federal government's stress tests.
Morgan Stanley said it priced a 146 million shares of common stock to the public at $24 a share for total gross proceeds of approximately $3.5 billion, but at a discount of nearly 12 percent to its Thursday closing price....
The bank originally planned to raise $6 billion from public investors, but then boosted the number of shares it raised in the offering. The offering priced at the top of its expected range and sold 341 million shares at $22 each, more than the 272 million shares it had originally planned.
However, the price was an 11 percent discount to the bank's closing price of $24.76 on Thursday....MORE
Friday, May 8, 2009
Posted by climateer at 6:33 AM