According to an announcement from Hertz, the shares are being sold by investment funds associated with Clayton, Dubilier & Rice LLC, the Carlyle Group and BofA Merrill Lynch to Citigroup and Barclays Capital Inc. as the underwriters in the registered public offering of those shares.

The last reported sale price of Hertz Holdings’ common stock on Wednesday was $20.34 per share.

Citigroup and Barclays Capital will offer to sale shares of common stock that Hertz does not repurchase, either on the New York Stock Exchange or through other negotiated transactions, according to the announcement. Subject to completion of the offering, Hertz Holdings will repurchase from the underwriters 23.2 million of the 60 million shares of common stock being sold by the selling stockholders.