Consolidated Edison, Inc. announced an agreement to issue 6,300,000 of its common shares through a public offering. These shares are being offered by Barclays under Con Edison's effective shelf registration statement filed with the Securities and Exchange Commission. The common shares are expected to be issued on March 6, 2025, subject to customary closing conditions.
The net proceeds from the sale of these common shares are intended to be invested in Con Edison's subsidiaries to fund their capital requirements and for other general corporate purposes. This financing initiative is crucial for supporting the company's extensive capital program aimed at modernizing infrastructure and advancing clean energy objectives.
The offering provides Con Edison with additional capital, but it also entails a potential dilutive effect on existing shareholders due to the increase in the number of outstanding common shares. This move is part of the company's broader strategy to ensure adequate funding for its long-term investment plans.
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