Tutor Perini Corp. Chief Executive Ronald N. Tutor plans to sell nearly one-quarter of his stake in the Sylmar construction contractor.

The construction company late Tuesday priced the 4.5 million-share secondary offering at $19.50 per share. The shares come from a trust controlled by Tutor, who also is the company’s chairman. Tutor merged his construction company with publicly held construction giant Perini in 2008.

The shares to be sold represent nearly 10 percent of the company’s shares outstanding, leaving the trust with 14.7 million shares. Tutor is required to hold at least 13.3 million, about 60 percent of shares he received in the merger, until September 2013.

Credit Suisse Securities LLC is acting as book-running manager for the offering.

Shares were down 57 cents, or 2.8 percent, to $19.41 in midday trading on the New York Stock Exchange.