DRAX has announced plans to raise £100m in a share placing aimed at reducing its debt and maintaining its debt rating.

Britain's biggest coal-fired power station said it is placing up to 25.5m new ordinary shares representing 7.5% of its issued share capital which it said represents a "sensible, prudent and cost-effective means of improving the resilience of its capital structure".

The move comes after credit rating agency Standard & Poor's last month downgraded Drax's senior secured debt rating from B......for the full story register now for free or login below...