Russian retailer Magnit announced today (3 September) that its board has approved the issue of 11.2m new shares through an open subscription.

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The price of the share issue, which would raise over US$500m at the company’s current share price, will be determined by the board of directors after a preemptive rights period is completed.


A spokesperson for the company declined to comment further or reveal what the proceeds of the share issue would be used for.


Magnit is currently 42%-owned by CEO Sergei Galitsky.

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