Google to sell 5.3 million new shares
Google estimated it would raise nearly 2.1 billion dollars by selling the shares at 394.98 dollars each, the market price at the close of trading that day. The stock price dropped 12 dollars a share in after hours trading.
"The principal purpose of this offering is to obtain additional capital," the Mountain View, California-based company said in a written release.
Google expected to use the cash infusion for "corporate purposes" that could include "acquiring complementary businesses, technologies or other assets."
Google contended it had no deals or commitments regarding acquisitions.
The sale would raise the number of shares of Google stock in circulation to more than 300 million, with 212.4 of those being Class A stock.
Classes A stock holders get a single vote per share, while Class B stock holders get 10 votes per share, according to the company.
Google made its intentions known in a filing with the US stock market watchdog, the Securities and Exchange Commission.
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