PARIS, Nov 16 (Reuters) - Air France KLM said on Wednesday it was offering subordinated bonds convertible into new shares for 300 million euros ($312.09 million), sending its shares plummeting.

The bonds, which can also be exchanged with existing Air France shares, will be offered through a placement to qualified investors, the airline said.

Proceeds will be used to repay bonds held by the French state. ($1 = 0.9613 euros) (Reporting by Silvia Aloisi, Editing by dDminique Vidalon)