Oct 10 (Reuters) - Russian retailer Magnit on Tuesday announced an additional offer to buy back blocked shares, giving more Western investors an opportunity to withdraw funds from Russia after attracting significant interest in a previous tender.

Magnit fully completed a 48.5-billion-rouble ($490.8 million) buyback of around 21.5% of all issued and outstanding shares last month, the first such arrangement since Russia's February 2022 invasion of Ukraine.

That deal was the first time non-resident shareholders of a Russian public company had been able to dispose of their shareholdings with settlement in different currencies since the imposition of sweeping Western sanctions over Moscow's invasion of Ukraine, which were followed by Russian countermeasures.

Magnit had more than doubled its initial offer and referred to that "substantial interest from non-resident shareholders" when announcing the new offer.

"The tender offer is intended to provide liquidity to shareholders, who would like to monetize their shareholdings in Magnit, but due to various circumstances have been unable to participate in the previous tender offer," Magnit said in a statement.

Magnit said it was offering 8,023,740 shares, representing around a 7.9% stake, on this occasion.

"The purchaser emphasizes that the size of the tender offer will not be increased even in the event of excess demand from shareholders," Magnit said.

Shareholders have until Nov. 8 to participate, with the results to be announced by Nov. 15 and the deal to close on around Nov. 29. The deal would again be conducted through its wholly owned subsidiary Magnit Alyans, Magnit said.

The purchase price would remain at 2,215 roubles per share, and shareholders can be paid in dollars, euros, yuan or roubles, into accounts in or outside Russia.

The transaction has been approved by Russia's government, which demands a 50% discount on asset sales involving foreigners.

Magnit's Moscow-listed shares were trading at around 5,600 roubles per piece on Tuesday.

($1 = 98.8250 roubles) (Reporting by Alexander Marrow; Editing by Mark Trevelyan)