Citi selling 12 million Primerica shares

WASHINGTON: Citigroup announced Thursday it would sell at least $273 million of its former affiliate, life insurance giant Primerica, after taking it public a year ago.

The US bank is due to offer 12 million shares of Primerica at $22.75 each at an unspecified date. An option to purchase an extra 1.8 million shares will then be open for 30 days.

Through the stock sale, Citigroup's beneficial ownership in Primerica would drop from 39.3 percent to between 20.6 and 23.1 percent, depending on the option's outcome.

Primerica offers financial services aimed for the middle class.