Google Seeks to Sell an Additional 5.3 Million Shares of Its Stock

Google Inc. filed plans Wednesday to sell an additional 5.3 million shares of its stock, hoping to raise more than $2 billion to finance its expansion plans and pay for possible acquisitions.

Google made the announcement after the close of regular trading, triggering a sell-off after hours. Its shares, which closed at $394.98, up $17.78, fell to about $383 after the bell.

The sale marks the second time Google has returned to the stock market for money since its ballyhooed initial public offering at $85 a share in August 2004.

The Mountain View, Calif.-based company raised $4.2 billion six months ago by selling more than 14 million shares at $295.

Google’s stock has remained a hot commodity on Wall Street, even though its price has fallen from a peak of $475.11 reached in January. Based on Wednesday’s closing price, Google’s latest offering would inject $2.1 billion into the company’s ever-fattening bank account.

The company had $8 billion in cash at the end of 2005, but Google plans to draw that down to invest $1 billion in America Online. Google plans to sell its latest round of stock next month.