FRANKFURT, May 17 (Reuters) - Holiday group TUI on Tuesday unveiled a capital increase to pay back elements of a state bail out it had received during the peak of the coronavirus pandemic.

The company will issue up to 162,291,441 new shares, which, based on Tuesday's closing price of 2.89 euros apiece, would result in proceeds of up to 469 million euros ($494 million). ($1 = 0.9495 euros) (Reporting by Christoph Steitz Editing by Riham Alkousaa)