(Alliance News) - National Grid PLC on Wednesday said it received acceptances for more than 90% of the new shares on offer as part of its GBP7.00 billion rights issue.

The London-based electricity and gas utility company previously said the funds will be used as part of a GBP60 billion investment plan for energy infrastructure in the UK and US.

National Grid said it received acceptances from shareholders for 987.4 million new shares, 91% of the total on offer in the 7-for-24 rights issue. The offer price was 645 pence per share, meaning the acceptances are worth GBP6.39 billion.

National Grid shares were up 1.3% to 873.80p each in London early on Wednesday.

The remaining 97.7 million shares will be placed with investors by the offer's underwriters, Barclays Bank PLC and JP Morgan Securities PLC. Failing that, the banks will buy the shares themselves.

By Tom Waite, Alliance News editor

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