The U.S. Treasury has begun selling the remainder of its 19 percent stake in General Motors Co.On Jan. 18, the Treasury filed a written trading plan to sell its remaining 300 million shares of stock in the Detroit automaker. It plans to exit completely by March 2014 and said it could immediately begin selling small numbers of shares on the open market.
In a report to Congress, the Treasury said it had net proceeds of $156.4 million in January for the sale of GM stock during eight full trading days.
GM's stock price ranged between $27.61 and $29.16 during the period, meaning Treasury sold at least 5.4 million shares, depending on the prices it received.
On a quarterly basis, the Treasury plans to disclose how many share of GM stock it has sold and will report monthly its proceeds from the sale.
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