Oct. 2 (Bloomberg) -- General Electric Co., which has tumbled 34 percent in New York trading this year, may sell shares to investors at $22.25 to $22.50 each, based on information from banks managing the offering.

The range is indicative and the offering is still ongoing, said two people close to the sale who declined to be identified before GE makes a statement. The shares fell 3.9 percent to $24.50 in New York trading yesterday.

GE, based in Fairfield, Connecticut, said yesterday it will sell $12 billion in common stock and that Warren Buffett's Berkshire Hathaway Inc., in a separate deal, will buy $3 billion in preferred shares that pay an annual 10 percent dividend and are callable after three years at a 10 percent premium.

Goldman, Sachs & Co. will manage the sale to investors, GE said yesterday. The company said it also expects Bank of America Corp., Citigroup Inc., Deutsche Bank AG, JPMorgan Chase & Co. and Morgan Stanley will be additional bookrunners.

GE spokesman Russell Wilkerson didn't immediately reply to a message left on his mobile phone. London-based spokespeople for Goldman weren't immediately available to comment.

To contact the reporters on this story: Sarah Thompson in London at sthompson17@bloomberg.net; Alexis Xydias in London at axydias@bloomberg.net.

Last Updated: October 2, 2008 06:57 EDT