National Grid, the operator of the U.K.’s power and gas networks, said it will raise £3.2 billion ($4.6 billion) through a rights issue to fund capital investment, Bloomberg News reported.
The 2 for 5 rights issue represents a 44 percent discount to the middle market share price yesterday, the company said in a statement in London today. The cash will allow the company to maintain credit ratings for its U.K. operating companies. The company plans to invest 22 billion over next five years.
