UPDATE 1-Teekay Tankers stock sale priced at discount, shrs fall
* Offering priced at $12.25/shr
* Increases size of offering to 7.7 mln shares
* Shares fall 7 pct
April 6 (Reuters) - Teekay Tankers Ltd (TNK.N) said its offering of class A common shares was priced at $12.25 each, a 6 percent discount to the stock's Monday close, sending its shares down 7 percent.
The company increased the size of the offering by 10 percent to 7.7 million shares.
The tanker shipping company granted its underwriters a 30-day option to buy up to 1.2 million shares to cover any over allotments.
The company plans to use proceeds from the offering to part-finance the purchase of three tankers for $168.7 million.
Shares of the company were trading down at $12.18 Tuesday morning on the New York Stock Exchange. (Reporting by Krishna N. Das in Bangalore; Editing by Anne Pallivathuckal)