HOEC rallies on promoter stake sale reports

Eni plans to sell entire 61.5 million shares anywhere between Rs 135 and Rs 140 a share.

Hindustan Oil Exploration Company (HOEC) has rallied 20% to Rs 121 in opening deals on the Bombay Stock Exchange on reports that Eni, the Italian petroleum exploration and production firm, which holds 47.18% stake in the company is talks with US- based Anadarko Petroleum Corporation to sell its entire stake.

Eni plans to sell 61.5 million shares anywhere between Rs 135 and Rs 140 a share, the Business Standard report suggests.

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.

 

While HDFC holds 11.36% in the company, Rakesh Jhunjhunwala and his wife together hold 6.13% shares. Other minority shareholders include Nomura Singapore, Reliance Capital Trustee and General Insurance Corporation of India.

The stock opened at Rs 105 and has seen a combined 1.32 million shares changing hands on the counter in opening deals on the BSE and NSE.