Bank of America Corp. investors authorized an increase to the company's outstanding shares, completing a plan to exit the Troubled Asset Relief program.
The $2.4 trillion-asset B of A held an special shareholder meeting to raise common stock by 13%, to 11.3 billion shares. Though most shareholders at the meeting voiced disdain with the dilution that would come from issuing more stock, 76% of outstanding shares voted in favor of the increase.
B of A had already repaid its Tarp funds in December. The Charlotte company had already sold $19.29 billion in common equivalent securities as part of that plan.
Had investors rejected Tuesday's proposal, B of A would have issued warrants that would have been convertible into 60 million shares of common stock over time.
