By Graciela Ibanez

Enersis SA's (ENI, ENERSIS.SN) shares continued to fall on the Santiago Stock Exchange Friday as investors remain concerned about the Chilean energy holding company's plans for a $8.02 billion capital increase.

Enersis shares dropped 6% in early trading to 152.91 Chilean pesos (32 cents), while shares of Chilean power producer Empresa Nacional de Electricidad SA (EOC, ENDESA.SN), which is controlled by Enersis, declined 2% to CLP798.00, dragging the select IPSA index down 0.6%.

These two companies together have a weighting of about 12% on the blue-chip index.

Enersis' share price tumbled 13% Thursday.

Under the capital increase, Enersis' controlling shareholder, Spain's Endesa SA (ELEZY, ELE.MC), would subscribe using $4.86 billion in noncash assets such as stakes in companies. The remaining $3.16 billion would be raised on the local market. Endesa has a 60.62% stake in Enersis.

Investors remain worried about the lack of clarity over the use of proceeds and Endesa's valuation of its Latin American assets--$4.86 billion--which many analysts deemed to be overstated.

Local pension-fund manager AFP Habitat, one of Enersis' minority shareholders, publicly rejected the capital increase and said it is considering doing its own valuation of Endesa's assets in Latin America.

The deal requires approval from two thirds of Enersis' existing voting shares.

Enersis has operations in Chile, Argentina, Colombia, Peru and Brazil.

Write to Graciela Ibanez at graciela.ibanez@dowjones.com

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