Bank of America Corp. (BofA) is seeking to raise approximately $2.8 billion from the issuance of new shares, Financial Times reports. The plan is part of the lender’s move to reduce its existing shareholder base.

The prospective equity issuance of up to 400 million new shares will replace more expensive preferred stock and debt. The succession will take place in a process that takes advantage of the depressed value of the company’s borrowings.

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