Italian energy group ENI has made an open offer to buy up to 20 percent in India's Hindustan Oil Exploration Co Ltd for 3.77 billion rupees ($94 million).The offer, made by ENI UK Holdings Plc, a wholly owned subsidiary, is required by Indian law following ENI's acquisition of Britain's Burren Energy, which gave it an indirect stake of 27.2 percent in the Indian company.
The offer is for 26.12 million shares at Rs 144.2 per share.The offer opens on June 11 and closes on June 30, and is subject to regulatory approvals in India.It is not subject to a minimum level of acceptance. Eni has "adequate resources" to fund the offer. N.M. Rothschild (India) is the manager to the offer
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