Bank of Montreal (TSX:BMO) Friday announced it has closed its domestic public offering of Non-Cumulative 5-Year Rate Reset Class B Preferred Shares Series 29.

The offering was underwritten on a bought deal basis by a syndicate led by BMO Capital Markets.

BMO issued 16 million Preferred Shares Series 29 at a price of $25 per share to raise gross proceeds of $400 million.

The shares began trading on the Toronto Stock Exchange Friday under the ticker symbol BMO.PR.T.