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By 09:12 BST, its stock was down 6.61 per cent to 579p after the firm revealed in its annual results that it intends to secure £3.2 billion by offering 990.4 million new shares priced at 335p each.
The FTSE 100-listed firm also posted a 12 per cent rise in operating profit for the 12 months to March 31st - taking it to £1.97 billion - while earnings per share was up 14 per cent during the period.
Chief executive Steve Holliday said the company has "delivered another year of strong operational and financial performance", stating he is "particularly pleased" with operations in the UK and US.
Mr Holliday added the rights issue will give National Grid the "financial flexibility" needed to meet its strategy.
Posted by Greg Secker
