Morgan Stanley said Tuesday it expects to pay back the government’s TARP (Troubled Asset Relief Program) bailout investment by the end of June, announcing today that it intends to raise $2.2 billion by selling common stock.

“Morgan Stanley believes that upon completion of this capital raise it will have satisfied the criteria for fully redeeming the TARP preferred capital and expects to redeem it before the end of June,” the bank said in a statement today.

The bank has priced the public offering of 80.2 million shares at $27.44 per share for total gross proceeds of about $2.2 billion.

China Investment Corp. will invest $1.23 billion to acquire 44.7 million shares at the public offering price, Morgan Stanley said. Mitsubishi UFJ Financial Group, Inc will invest $439 million to acquire 16.0 million shares.

Morgan Stanley & Co. Inc will be the bookrunner for the offering. It will have a 30-day option to purchase up to an additional 4.0 million shares of common stock from Morgan Stanley.