Eni, the Italian petroleum exploration and production firm, is reportedly in talks with US- based Anadarko Petroleum Corporation to sell its entire 47.18% stake in Hindustan Oil Exploration Company ( HOEC). The company is planning to sell 61.5 million shares anywhere between Rs 135 and Rs 140 a share.
As on September 30, 2012, individual shareholders hold 24.35% stake in the oil exploration company. Bodies corporate hold 17.54% stake, while the remaining 10.93% holdings are with the mutual funds and UTI (2.87%), foreign institutional investors (2.61%) and others.
Hindustan Oil Exploration Company was the first private company in India to enter into field of oil and gas exploration. The company’s operational activities commenced in 1991 with the Government of India announcing the fourth round of exploration bidding for private sector participation.
