Updated from July 22

Flextronics

(FLEX) - Get Report

fell 6% Friday after pricing a $300 stock offering.

The Singapore-based contract electronics manufacturer set plans Thursday to sell 24 million shares under an existing shelf registration. The company said it would use the proceeds to pay down debt, expand its business and build a war chest for potential acquisitions.

The plan comes just a month after Flextronics agreed to take over the rest of

Nortel's

( NT) manufacturing operations.

Flextronics shares fell 79 cents to $12.54.