The Treasury said on Monday it is commencing an underwritten public offering of its remaining 2.4 billion shares of Citigroup common stock.

The proposed offering, with Morgan Stanley acting as bookrunning manager, would mark the disposal of a government stake in Citigroup that once stood at about 36 percent as a result of taxpayer bailouts in 2008 and 2009.

The Treasury said it would continue to hold warrants to purchase Citigroup shares issued as part of the bailouts.