EDF's shares tumbled to an all-time low today after the French state-owned utility firm launched a €4bn (£3.5bn) capital raising to support investment programmes like the UK's Hinkley Point nuclear project.
As previously announced, the French government is set to contribute €3bn, and EDF is seeking to sell another €1bn of new shares into equity markets to finance the utility's development for the next three years.
Chief executive Jean-Bernard Levy has said EDF will try to find new long-term shareholders and that it had met with French, British, German and US investors.
Under the terms announced yesterday, EDF will issue 633m new shares with a subscription price of €6.35 per share, a discount of 34.5 per cent on Monday's close. EDF said the subscription ratio for the rights issue is three new shares for 10 existing shares.
Current shareholders will receive one preferential subscription right per share, and trading in the rights will run from 8 Mach until 17 March.
Shares in the Euronext Paris-listed firm fell to an all-time low in early trading today - tumbling nearly 10 per cent to €7.78, from the firm's 2007 high of €86.45.
"We are going through a difficult time right now, but the share has a strong capacity to rebound," Levy said.
He added the combination of the capital increase and stock dividends since 2015 will add up to an €8bn boost to EDF's capital.
EDF recently pledged to deliver positive cash flow next year before it has to invest in Britain's new reactors.