The offering price for the 6.666 million shares was set at 5,184 rubles ($197) per share by Gazprombank board in May.
Since the issue will be entirely bought by Gazprom's pension fund, Gazfond, the fund will increase its stake in Gazprombank to 33.3%, the statement said.
The issue, to be placed through a private offering for Gazfond, comprises common registered shares with par value of 1,000 rubles ($38) each, and is set to increase the bank's charter capital by 50%, to 20 billion rubles ($760 million) from 13.33 billion rubles ($507 million), the statement said.
Gazprombank is the third largest Russian bank in terms of assets, which stood at 738.7 billion rubles or $27.3 billion, as of October 1, 2006. Gazprom holds an 87.5% stake in the bank.
