(Reuters) – Britain’s Thames Water has initiated a process to raise at least 3.3 billion pounds ($4.29 billion) in equity to stay afloat, Bloomberg News reported on Monday, citing a person familiar with the matter.
The heavily indebted company is at the centre of a crisis over relentless sewage dumping and crumbling pipe networks. It warned in July the firm was at risk of running out of money before year-end unless it arranged for short-term relief.
Thames Water, Britain’s largest water company, last week began the fundraise process which will grant data access to potential investors, the report said.
The company did not immediately respond to a Reuters request for comment.
Thames Water had net debt of 15 billion pounds as of March 31 and has been working to secure short-term relief.
($1 = 0.7691 pounds)
(Reporting by Anandita Mehrotra in Bengaluru; Editing by Devika Syamnath)
