** MGE Energy MGEE.O shares down 4.2% post-market at $77.44 as co seeks equity

** Parent of regulated public utility Madison Gas and Electric commences $250 mln stock offering

** MGEE selling $75 mln of stock directly and up to $175 mln as part of forward sale

** It expects to enter into separate 20-month forward sale agreements with Morgan Stanley, BofA and JP Morgan

** MGEE intends to use net offering proceeds from the direct sale, and any settlements of the agreements, for general purposes, including repayment of short-term debt, repurchases/retirements/refinancing of other securities, funding capex, and investments in subsidiaries

** Morgan Stanley, Guggenheim, BofA and JP Morgan are joint bookrunners

** Prior to the offering, Wisconsin-based firm had ~36.8 mln shares outstanding for about $3 bln market cap

** MGEE's stock ended up 5 cents at $80.80 on Weds, up 3% YTD