Frankfurt As announced, the Tui travel group is increasing its capital to repay state corona rescue aid. The capital increase with subscription rights has a volume of 1.8 billion euros, the company announced on Friday. 328,910,448 new shares would be offered in a subscription ratio of 8:3 and at a subscription price of EUR 5.55 each.
The subscription period starts on March 28th and runs until April 17th. “The complete return of the state Corona aid was our declared goal. With the capital increase that has now been decided, we are taking the last step in the WSF aid and implementing our commitment,” said Tui boss Sebastian Ebel. “We will use the proceeds to pay back the aid received from the WSF, including interest.”
Tui had received state aid of 4.3 billion euros because of the Corona crisis and still has to repay 2.6 billion euros, including a silent participation and a bond with warrants that are now being repaid.
“This means that the WSF will receive a total of around 750 million euros,” said Tui. The aid also includes a credit line from the state bank KfW. The group intends to significantly reduce the scope of the KfW credit line, which is currently EUR 2.1 billion.
More: Tui is expanding the Blue hotel brand.