Hindustan Oil Exploration Company intimates of divestment of stake by ENI group

Nominee Directors of ENI group step down with effect from 03 August 2016

Hindustan Oil Exploration Company announced that:

1. ENI group, through its group companies ENI Holdings (UK), Burren Shakti and Burren Energy India constituted the Promoter group and held 6,15,69,134 equity shares of the Company equivalent to 47.18% of the voting rights as on 31 December 2015;

2. Since then, the ENI group companies had divested its entire stake in the Company except for nominal shareholding of 5,745 shares held through Burren Energy India out of the total issued shares of 13,05,09,300.

3. The particulars of the above divestment/disposals have already been filed with the stock exchanges under the applicable SEBI Regulations.

In effect, the ENI group companies have divested all its holdings and is presently left with only a nominal shareholding. Subsequent to the disposal, the nominee directors of the ENI group companies have stepped down effective 3 August 2016, which has also been informed to the exchanges.

The Board of Directors would continue to govern the company in the best interests of the Company and its shareholders.

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