Imperial Credit Mortgage to Sell Shares

Imperial Credit Mortgage Holdings Inc. said it plans to sell 2.5 million shares of common stock to generate funds for its investment and lending operations.

The company, a real estate investment trust, expects the stock sale to raise about $51.8 million, based on a share price of $22.25, according to documents filed with the Securities and Exchange Commission. The stock, which has almost doubled in price since last December, closed Friday at $22.125, down 12.5 cents, in Nasdaq trading.

PaineWebber Inc. and Oppenheimer & Co. Inc. are slated to lead the underwriting group for the stock sale. Imperial Credit will have 9.27 million shares outstanding after the offering.