Aeroflot Group shareholders have approved an additional issue of 5,424,308,073 ordinary shares, to be placed by open subscription at a price of RUB34.29 rubles (USD0.60) per share, with a par value of one ruble, the company outlined in a disclosure last week.

The corresponding amendments to the company’s charter were also approved. Once placed, the majority state-owned flag carrier, which is currently under heavy pressure from airspace bans and Western sanctions, will have made up to RUB185.2 billion (USD3.24 billion) through the measure.

The move was initially revealed in late April, and the board of directors approved it in early May. The cash injection, which increases the company’s authorised capital by 320%, will be made in part via Russia’s National Wealth Fund.

As the Moscow Exchange opened on Monday June 13, Aeroflot’s shares were trading at a price of RUB27.20 rubles (USD0.48) per share according to online financial sources.

As previously reported, Aeroflot Group - which includes the airlines Aeroflot, Pobeda, and Rossiya - is planning to place an order with UAC United Aircraft Corporation for 300 Russian-made aircraft in a deal that could be announced later this week.