Travel giant Tui is to issue new shares to raise 425 million euros. The money will be used to repay loans the company received from the German state during the pandemic, according to a press release. The share price plunged 11.4 percent on the news.
A total of 162.29 million shares will be issued at a price of EUR 2.62 each. The offering will be made through an accelerated bookbuilding process with institutional investors as the subscribers.
In addition to the issue, Tui also announces that it is reducing the size of its outstanding credit lines by €336 million to €2.1 billion with state development bank KfW.
