According to JPM's circular, the shares currently unaccounted for are estimated to be less than 1% of the shares held in custody at another financial institution.
This meant Deutsche was unable to reconcile the company shares held at another custodian bank with the depositary receipts on its own books.
The Bank of Russia did not immediately respond to a request for comment on JP Morgan's search for the potentially missing Magnit shares.
More than 60% of Magnit's shares are free-float, with shareholders including major global asset managers, Refinitiv data shows.
When first announcing the plans, Magnit said its voluntary tender offer was also addressed to JPM, regarding shares held in its DR program custody account.
Persons:
Morgan Chase, Mike Segar, Morgan, JPM, Deutsche, Russia's, Magnit, Sinead Cruise, Alexander Marrow, Jane Merriman
Organizations:
Co, New York City, REUTERS, Reuters, Deutsche Bank, Deutsche Bank . Lawyers, Deutsche, Bank of Russia, Settlement Depository, NSD, Kremlin, Thomson
Locations:
New York, Ukraine, Moscow, Russian, Krasnodar, Russia, Uzbekistan, Euroclear