Alstom, the maker of France's TGV trains, said on Wednesday it would consider a capital increase, cut jobs and sell assets in a bid to boost its balance sheet and alleviate investor concerns over high debt.

The train maker's shares were down about 10% in Paris as of 0809 GMT, after falling more than 12%.

"The negative free cash flow of Alstom during this first half is a clear call for change. While demand remains sustained, despite some volatility, our commercial performance has been soft," Chairman and CEO Henri Poupart-Lafarge said in a statement.

Alstom's management, and its shares, have been under pressure since it said in early October it expected negative free cash flow of 500 million euros to 750 million euros for the year to March 2024.

The group said on Wednesday the assets disposal program aimed to generate proceeds of between 500 million and one billion euros. It also said it would cut about 1,500 staff to help meet its mid-term targets.

Alstom plans to cut its net debt by 2 billion euros ($2.2 billion) by March 2025. As of Sept. 30, it had a net debt of 3.43 billion euros.

The group added it would propose that no dividend for the current fiscal year.

It also said that Poupart-Lafarge would step down as chairman, but remain chief executive. Alstom's board will propose Philippe Petitcolin - a former CEO of Safran - as a new chairman.

($1 = 0.9199 euros)

(Reporting by Olivier Sorgho in Gdansk; editing by Silvia Aloisi)