MOSCOW, August 24 (RIA Novosti) - Rosneft [LSE: ROSN] said Thursday its board of directors had approved a decision to issue additional stock by converting ordinary and preferred shares of the company's 12 subsidiaries to Rosneft shares.

Shareholders of Rosneft, a Russian state-controlled oil company that held an initial public offering in London and Moscow in early July, decided on June 7 to increase the company's charter capital by additionally floating 7,438,514,449 ordinary shares with a par value of 0.01 rubles each by converting ordinary and preferred stock of the company's subsidiaries.

Shareholders of the 12 companies approved the conversion of their shares to Rosneft stock on July 2.