Thai details new shares offering to raise 15b baht

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Thai Airways International plans to issue more than 483 million new shares to raise 15 billion baht ($484.9 million), as it unveils details of a share offering announced in March.

The Star Alliance carrier will issue 483,870,967 new shares at 31 baht each. Slightly more than half of these will be offered to Thailand's finance ministry to maintain its 51% stake in the airline, says Thai.

It will offer the remaining shares to existing shareholders, retail investors and other investors.

Thai expects to announce the final allocation of shares by 22 September.

The carrier posted a net profit of 7.3 billion baht in 2009, returning to the black after reporting a loss of 21.4 billion baht in 2008.