Goldman Sachs is raising as much as $14.86 billion ($1.92 billion) by selling its stake in Industrial & Commercial Bank of China Ltd.

Goldman Sachs is offering 3.03 billion shares at $4.80 to $4.90 each, according to a sales document sent to fund managers on Monday, Bloomberg reported.

Goldman is in the midst of raising up to $10 billion to repay an investment by the U.S. through the Troubled Assets Relief Program.

The firm already raised nearly $6 billion through a stock offering in April.

Goldman had agreed to hold up to 80 percent of its almost 16.5 billion shares until April of 2010, Bloomberg reported.