Italian energy giant Eni (ENI.MI) said Friday it has completed its acquisition of a 20% stake of Hindustan Oil Exploration Co. Ltd. (500186.BY), or Hoec.
In a statement to the Italian Stock Exchange, Eni said it is now Hoec's largest shareholder with a 47.2% stake.
The offer was announced April 24 and was carried out between July 2 and July 21 with an approximately 1.5 times oversubscription, the Italian company said. Aug. 5 Eni paid about EUR57 million for the shares.
In the statement, Eni said it considers its investment in Hoec "as a means of participating in India's fast-growing upstream sector and intends to contribute with its industry experience and expertise to assist Hoec in growing its business."
Eni also said it will seek board representation "commensurate with its shareholding following the completion of the offer."