General Electric ( GE) will take advantage of the recent stabilization in its shares to raise about $3.8 billion through an underwritten offering of common stock.

The Fairfield, Conn., industrial conglomerate said Monday morning it will sell 118 million shares through underwriters led by Morgan Stanley, Citigroup and Goldman Sachs. The offering, which is to "raise capital," according to GE, will be made under an existing shelf registration on file with the Securities and Exchange Commission.

GE's shares closed Friday at $32.77, up from the low-$27 range in early November. In premarket Instinet trading, the stock was down 59 cents, or 1.8%, to $32.20.