* Grants underwriters 30-day option to buy 255,000 shrs more
* To use proceeds to support business growth
* Shares fall 9 pct
Dec 16 (Reuters) - G-III Apparel Group Ltd (GIII.O) said its offering of 1.7 million common shares was priced at $19.50 apiece, a discount of 8 percent to the stock's previous close.
Shares of the New York-based company fell 9 percent to $19.40 Wednesday morning, making them one of the top percentage losers on Nasdaq.
G-III said it expects to use the proceeds from the offering, which is expected to close on or about Dec. 22, to support the growth of its business, which may include acquisitions.
The company said Piper Jaffray & Co is the sole book-running manager, with Lazard Capital Markets acting as co-lead manager of the offering. (Reporting by Shobhana Chadha in Bangalore; Editing by Deepak Kannan)