Harbour Energy tanked in early trade on Wednesday after its third-largest shareholder, EIG Management, sold 60m shares in a placing to institutional investors, raising about £153m.
Source: Sharecast
The shares, which represent a stake of around 3.8%, were placed at 255p each. Following settlement of the placing, EIG will retain a 3.5% interest in Harbour Energy.
Barclays Bank acted as sole global co-ordinator and sole bookrunner on the placing.
The company is not party to the placing and will not receive any proceeds.
At 0812 GMT, the shares were down 10% at 255.06p.
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