Tui shares touch record low amid ongoing capital raise

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Tui shares touch record low amid ongoing capital raise
Credit: © Reuters.

By Scott Kanowsky -- Shares in Tui AG NA (ETR: TUI1n ) touched a record low on Tuesday, while the price for the rights to purchase shares in the German tour operator's ongoing capital raise dipped.

Hanover-based Tui launched a fresh rights issue worth €1.8 billion late last month in a bid to scale down its debt pile and repay state aid from the German government that was used to help keep the company afloat during the pandemic.

The group issued 328.9 million new shares at a subscription rate of 8 new shares for every existing 3 shares. The new equity was offered at €5.55 a share, representing a discount of just under 40% compared to the theoretical ex-rights price at that time in March.

The price for these new rights has now fallen by more than 70%, according to Bloomberg.

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