MOSCOW, September 18. /TASS/. Transneft shares grew by more than 2% on Moscow Exchange as the board of directors proposed the company’s stock split.

As of 5:10 p.m. Moscow time Transneft shares were up by 2.14% at 150,500 rubles, while by 5:28 p.m. the company’s shares narrowed gains to 1.8% trading at 150,000 rubles.

Earlier, Transneft’s board recommended that shareholders decide on splitting the company’s shares by 100 times. Following the split the number of ordinary shares will be around 569.45 mln, while the number of preferred shares will roughly stand at 155.49 mln. The nominal cost of each share following the split will be 0.01 rubles.