Time Out Group is seeking to raise £2million more than it originally planned from its fundraising round following strong demand from institutional investors.
It now says it expects to raise £17million from issuing more than 48.5 million shares that constitute 17.1 per cent of the magazine publisher s total share capital.
The media firm s announcement comes two days after it released financial results showing its year-on-year losses surged by 91 per cent in the last six months of 2020.
Media firm Time Out Group now says it expects to raise £17million from its fundraising round
Leisure site closures and travel curbs due to the coronavirus pandemic were blamed by the group for severely affecting its earnings from hospitality, print media and advertising.