(AP) - Bermuda-based Teekay Tankers Ltd. said on Monday it plans to sell publicly seven million shares of Class A common stock to help finance the purchase of three oil tankers from Teekay Corp.

The company also will issue to Teekay Corp. unregistered shares of Class A common stock with an aggregate value of about $32 million, valued on a per-share basis at the same price the company sells the stock in the public offering.

The rest of the $168.7 million purchase price will come with money borrowed under Teekay's revolving credit facility.

The combined transactions will boost Teekay Tanker's net fleet capacity by 23 percent.

The joint book-running managers for the offering are UBS Investment Bank, Citi, JP Morgan and Deutsche Bank Securities. Oppenheimer & Co. will act as a co-manager.

Teekay Tankers said it expects to grant the underwriters a 30-day option to purchase an additional 1.05 million shares of Class A common stock to cover any over-allotments.

Shares of Teekay Tankers rose five cents to close at $13.04, and shares of Teekay Corp. rose 80 cents, or 3.4 percent, to close at $24.48 on Monday.