May 21, 2020 / 4:02 PM / 12 days ago

On The Beach Group plans equity raise as travelers ditch bookings

(Reuters) - Holiday package provider On The Beach Group (OTB.L) said on Thursday it intends to raise equity worth about 20% of its share capital to help it ride out a slump in travel demand due to the coronavirus outbreak.

The company said a majority of bookings it took in the first half of the year will not travel in the second-half and it will take a charge of about 35 million pounds in the first half.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Sriraj Kalluvila

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