French multi-utility company GDF Suez SA (GSZ.FR) said Monday that 77% of its shareholders opted for part of the company's 2011 dividend to be paid in shares.

In a statement, the company said following the approval a EUR1.50 per share dividend for 2011, shareholders had been given the option of receiving the EUR0.67 per share dividend balance in shares.

The large majority of shareholders, including the French state which owns a 36% stake in the company and Groupe Bruxelles Lambert (GBLB.BT) which holds around a 5% interest, took up the offer.

The subscription will result in a capital increase of EUR1.1 billion with the issue of 69,002,807 new shares, for delivery May 24, 2012, said GDF Suez.

-By Nadya Masidlover, Dow Jones Newswires; +33 1 4017 1740; nadya.masidlover@dowjones.com

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