Citigroup Inc. (C), the banking and financial services major, Wednesday announced that it is completely redeeming its Series W Depositary Shares worth $1.5 billion on December 10.
The cash redemption price of each depository share will be equal to $1000 and will be paid to holders of record as on November 26. They will also receive the previously declared regular quarterly dividend of $10 per depositary share on the redemption date.
The Series W represents interests in its 4 percent Fixed Rate Reset Noncumulative Preferred Stock.
In pre-market activity, Citi shares were trading at $103.51, up 0.31% on the New York Stock Exchange.
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