Sept. 22 (Bloomberg) -- Deutsche Bank AG, Germany's biggest bank, plans to raise about 2 billion euros ($2.9 billion) in a share sale today to finance the purchase of almost 30 percent in Deutsche Postbank AG.

Deutsche Bank aims to sell as many as 40 million new shares without subscription rights, the Frankfurt-based company said in a statement today. The price range for the stock was revised to 53.50 euros to 55 euros and the books will close at 2 p.m. London time, according to an e-mail the bank sent to clients.

Deutsche Bank agreed on Sept. 12 to pay 2.79 billion euros for 29.75 percent in Postbank and an option to raise the stake, and said it would conduct a capital increase. By buying all of Postbank, the country's biggest lender by customers, Chief Executive Officer Josef Ackermann would more than double his consumer banking clients to about 24 million in Germany.

Deutsche Bank gained 1.37 euros, or 2.4 percent, to 58.87 euros in Frankfurt trading by 2:27 p.m. The stock has declined 34 percent this year, valuing the bank at 31 billion euros.

The new shares will have full dividend rights for 2008 and will be placed with institutional investors by Deutsche Bank.

To contact the reporter on this story: Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net; Sarah Thompson in London at sthompson17@bloomberg.net

Last Updated: September 22, 2008 08:31 EDT