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* Shares in British water utility Pennon Group down about 16.3% at 378.2p, lowest since January 2025 * Stock top loser on FTSE midcaps index, tracks worst intra-day fall since December 1999 * Launches about £550 million ($728.5 million) rights issue at 250 pence, a near 45% discount to last close * Rights issue to fund
Oct 7 (Reuters) — British water utility Pennon Group launched a fully underwritten £550 million ($728.5 million) rights issue and lowered its dividend in a bid to fix operational problems at its regulated water business. Here are some details: The owner of South West Water and SES Water said the capital raise would hel