Colony Financial in Santa Monica, Calif., plans to raise up to $382 million by selling common stock.

The $3.2 billion-asset company disclosed in a regulatory filing Tuesday that it had entered into an agreement with several underwriters to sell more than 17 million shares of stock at $22.14 each. The total included the shares that were made available due to excessive demand.

The company said it expects to use some of the net proceeds to repay amounts outstanding under a revolving credit facility. Other proceeds could be used for acquisitions.

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