The flagship Russian carmaker said it was aiming to buy out 1,313,183 ordinary shares at 2,263 rubles per share and 145,350 preferred shares at 1,670 rubles per share between June 16 and July 31.
GAZ has charter capital of 14,585,337 rubles ($541,338), divided into 13,131,837 ordinary and 1,453,500 preferred shares with a face value of 1 ruble each.
GAZ is best known for its Volga sedans, a status symbol in Soviet-era Russia. Sales of the brand, launched in 1956, have been falling steadily since the 1990s, when the country opened its market to foreign producers.
The carmaker last month signed a deal with DaimlerChrysler on licensed production of the U.S.-German company's Chrysler Sebring and Dodge Stratus vehicles at its plant in the Volga River city of Nizhny Novgorod.
