The travel company expects gross proceeds from the capital increase of around 1,1 billion euros and wants to use fresh money to further reduce its debts.

The German travel company Tui wants to raise fresh capital. The management board has the approval of the supervisory board for a fully subscribed capital increase with subscription rights, Tui announced on Wednesday. Tui major shareholder Alexej Mordaschow, who currently holds 32 percent of the shares, wants to participate in the capital increase and thus keep his stake constant. With the money, the group wants to repay the loan granted by the state bank KfW, currently amounting to 375 million euros. In addition, bank debts are to be reduced.

The company also announced that thanks to the growing desire to travel, the number of customers doubled to 2,6 million in July and August. In the summer months, bookings in Germany and the Netherlands rose significantly above the previous year's level, it said. In addition, the market in Great Britain is also recovering after the government eased corona restrictions in mid-September.