Russia subscribes for over half of $1bn Aeroflot recap

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By Aidan Gregory
12 Oct 2020

Aeroflot, the flag carrier of Russia, has finished the first leg of a jumbo recapitalisation backed by the Russian government, amid turmoil in the airline industry due to the Covid-19 global pandemic.

Following a bookbuilding process, the offer price has been fixed at Rb60 a share – a 26% discount to the last closing price of Aeroflot in September before the transaction was originally announced.  

Aeroflot has provisionally placed Rb30bn ($390m) of new shares, through an institutional bookbuild.

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