J.C. Penney expects to raise up to $932 million from share offering


J.C. Penney Co Inc will raise up to $932 million from a share offering of 96.6 million shares at $9.65 each.

The offering includes a 30-day option for underwriters to buy 12.6 million shares, the company said on Friday.

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The retailer's shares fell 6 percent to $9.79 in premarket trading.

The public offering is expected to close on October 1, J.C. Penney said in a statement.

(Reporting by Siddharth Cavale in Bangalore; Editing by Kirti Pandey)