Bus and rail operator FirstGroup plans to announce a 600 million pound ($911.5 million) rights issue in the coming days to help pay off debt, British media reported on Sunday.

FirstGroup's chairman Martin Gilbert, who is also chief executive of Aberdeen Asset Management, will step down, according to reports in The Independent on Sunday and The Mail on Sunday.

The international transport group, which is due to report full year results on Wednesday, will also announce a dividend cut, the Independent reported.