It is issuing 350mln new shares - about 7% of current share capital - to institutional investors.
Centrica said the major equity funding would fund acquisitions and help protect its credit rating.
Exane BNP Paribas cut Centrica to ‘neutral’ from ‘buy’ and said the share lacked compelling valuation upside. The bank has a 240p price target.
HSBC set a 250p price target for Centrica, up from 200p, and stuck to a ‘hold’ rating.
Verity Mitchell, HSBC analyst, highlighted that the Moodys credit agency had put Centrica up for review for a downgrade and avoiding such an outcome would be seen as a positive for the share.
A credit downgrade could jeopardise the group’s dividend, she added.
Deutsche Bank stuck to its ‘hold’ for Randgold but lowered its price target, to 5560p from 5630p (current price: 5745p).