Four top managers of Russian oil giant Rosneft have increased their stakes in the company, Rosneft said on Friday.

First Vice President Eduard Khudainatov, former CEO of the company, increased his stake to 0.0605 percent from 0.0526 percent and Vice President Larisa Kalanda increased her stake to 0.0118 percent from 0.0082 percent.

As for Management Board member Gani Gilaev, his stake grew to 0.0032 percent from 0.0012 percent, while Rosneft Financial Director Peter Lazarev increased his stake to 0.0011 percent from 0.0007 percent.

"This increase in the charter capital of Rosneft’s senior management exemplifies the confidence that the company’s shares are currently undervalued and have significant growth potential. The share holdings of Rosneft’s senior management are in line with global best practice for management incentives," Rosneft said in a statement.