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Tesla seeks to raise $2 billion through stock offering

Kitco News

(Reuters) - Tesla Inc said on Thursday it plans to raise $2 billion by selling shares through a public offering.

Chief Executive Officer Elon Musk will buy up to $10 million in shares, while board member and Oracle co-founder Larry Ellison will purchase $1 million worth Tesla shares.

The underwriters will get an option to buy up to $300 million in additional shares.

The electric-car maker said it plans to use the proceeds from the offering to strengthen its balance sheet and for general corporate purposes.

Goldman Sachs and Morgan Stanley are the lead joint book-running managers. Barclays, BofA Securities, Citigroup, Credit Suisse, Deutsche Bank Securities and Wells Fargo Securities are the additional book-running managers. Societe Generale is the acting co-manager.

Reporting by Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty

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