10.23%SPY 127.80 0.17%FRE 3.16 
2.77%
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NEW YORK - Popular Inc., parent of Banco Popular, said Tuesday it will offer $350 million in preferred stock.
| BPOP | 6.68 |  -0.14 |
Popular did not disclose the price or an exchange rate for the shares.
The cash raised through the offering will be used for general corporate purposes and to improve Popular's liquidity.
Investors who purchase the preferred shares will be able to redeem them after five years.
Shares of Popular fell 16 cents, to $12.16 in morning trading. Shares of Popular have traded between $8.41 and $17.51 during the past year.
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