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The Russian state has pledged to participate in an Aeroflot Group share offering, injecting RUB50 billion rubles (USD649 million) of the total RUB80 billion (USD1 billion) recapitalisation, the company said in a stock market disclosure on October 9.

The flag carrier is staging a secondary public offering, which will be completed on or around October 26. It said it had raised RUB39.1 billion (USD508 million) through a bookbuilding process - which records investor demand for shares - including RUB9.1 billion (USD118 million) from the Russian state.

The Russian government currently holds a 51.17% stake in Aeroflot, and it will exercise pre-emptive rights to buy a further RUB40.9 billion (USD531 million) in shares, the filing explained.

The funds will come from the Russian National Wealth Fund, the country’s finance minister, Anton Siluanov, has said.

Vitaly Saveliev, Aeroflot’s chief executive, commented in the disclosure that “the warm response” from investors during a virtual roadshow in the run-up to the offering showed that “both existing and new investors recognise the significant long-term growth potential of the Russian passenger...