By Sabela Ojea
Shares of National Grid on Thursday fell 10% in pre-market trading a day after the company said it plans to invest around 60 billion pounds ($76.3 billion) in energy network infrastructure.
The British electricity and gas utility said the five-year investment will include selling its liquefied natural-gas terminal Grain LNG and National Grid Renewables in a bid to focus the portfolio on pure play networks.
To fund the plan, National Grid is raising around GBP7 billion in a fully underwritten rights issues of 645 pence per new share, representing a 34.7% discount to Wednesday's closing middle-market price of 1,127.5 pence.
Overall, the investment is aimed at delivering energy infrastructure in the U.K. and U.S.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
05-23-24 0707ET