This story appeared in Bank Digest.
As part of its continued progress in winding down the Troubled Asset Relief Program (TARP), the Treasury Department has announced that it agreed to sell 95,000,000 shares of Ally Financial Inc. (Ally) common stock at a price to the public of $25.00 per share, for $2.375 billion in proceeds to taxpayers from Ally's initial public offering (IPO). Prior to the IPO, taxpayers held approximately 37 percent of common stock in the company, or 177,311,010 shares. After the closing of the offering, taxpayers will hold approximately 17 percent of common stock, or 82,311,010 shares, in the company. Treasury has granted the underwriters a 30-day option to purchase an additional 14,250,000 of the Ally common stock shares it holds at the initial public offering price.