Russian aerospace firm United Aircraft is calling a general shareholders’ meeting to propose the issue of more than 2 trillion shares.
The company’s board voted on 24 January to increase the authorised capital of the company, which oversees various civil and military aircraft entities and programmes.
United Aircraft says it has proposed a closed subscription for nearly 2.019 trillion shares each with a nominal value of Rb0.27.
This equates to a little over Rb545 billion ($5.53 billion).
The board envisions a two-stage issue process, initially with proportional rights to further stock being granted to current shareholders.
Any unplaced shares at the end of this first stage would be offered to specific owners of United Aircraft stock.
These owners include state technology firm Rostec, the Russian federal agency for state property management, and the state development and investment corporation VEB.RF.
United Aircraft says the additional shares can be purchased in cash, or by offsetting monetary claims against the company.
But it also says certain property can be used as payment instead.
It refers to an Ilyushin Il-76MD heavy freighter, number 76492 – which operates as an airborne testbed for the Gromov flight-research institute – plus a pair of Beriev Be-200 amphibious firefighting aircraft, along with engines and auxiliary power units, as well as plots of land located in Moscow and the Crimean city of Sudak.
Shareholders in the company will vote on the proposals on 27 February.
United Aircraft, which is developing aircraft including the Yakovlev MC-21 and SJ-100, the Ilyushin Il-114-300, and a number of military types, currently has an authorised capital comprising 994.4 billion shares at Rb0.27.
It has yet to publish full-year financial figures, but over the first nine months of 2024 the company generated revenues of Rb102.5 billion, with a pre-tax loss of Rb22.6 billion and net loss of Rb18.9 billion.
