Tesla to raise $5 billion through share offering

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BENGALURU :
Tesla Inc said on Tuesday it plans to raise up to $5 billion through a share sale program to be conducted by Wall Street’s main brokerages.

The sales agents include major banks such as Goldman Sachs & Co, Bank of America Securities Inc, Citigroup Global Markets Inc and Morgan Stanley & Co, the electric carmaker said in a filing.

Tesla shares, which rose about 8% in early premarket trading, were up about 3% after the news.

The move comes a day after a 5-for-1 stock split took effect, Tesla’s first since its initial public offering about a decade ago.

The company’s high-flying stock has soared over 70% since its split was announced on Aug. 11, and was trading at over $2,000 on Friday on a split-adjusted basis. The stock was one of the costliest on Wall Street.

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