Gazprom has already issued ADS shares that account for 4.42% of its charter capital. After the energy giant lifts the "ring fence" around its ordinary shares, many investors would be expected to convert Gazprom shares purchased on the Russian stock market into ADSs. However, the company's current depositary receipt program is closed and new Gazprom shares cannot be deposited for the issuance of new ADS shares.
Therefore, Gazprom is discussing measures with the Bank of New York to develop Gazprom's depositary receipt programs. Under a new program, Gazprom will issue as many ADS shares as possible in proportion to its charter capital. Under the effective Russian legislation, the cap is 40%.
After the restrictions are lifted, foreign investors will be able to acquire Gazprom ordinary shares on the Russian market in a procedure similar to the purchase of securities issued by other Russian companies.
