Bank of America

(BAC) - Get Report

began its drive to raise nearly $34 billion in fresh capital on Friday by filing a regulatory notice that it intends to sell 1.25 billion shares.

The Charlotte, N.C.-based bank said in a filing with the

Securities and Exchange Commission

that the offering will be made in private transactions at market prices over a period of time.

The

Federal Reserve

said on Thursday that BofA would need to raise $33.9 billion to bolster its capital levels to cover losses in case of a severe economic downturn through the end of next year.

BofA shares closed up 4.9% at $14.17 on Friday.