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M. Ramesh

Chennai, July 19 Housing Development Finance Corporation Ltd (HDFC), which has 11.36 per cent stake (as of March 31) in Hindustan Oil Exploration Corporation Ltd (HOEC), will not tender its shares in the open offer of Eni UK Holding Plc.

The open offer is being made consequent to Eni Holding buying out Burren Energy of UK, which has 27 per cent stake in HOEC. Burren itself had become a HOEC shareholder by buying out Unocal Bharat Ltd’s holding in the company three years ago.

“We are not going to tender our shares. We will stay invested,” Mr Deepak Parekh, Chairman, HDFC, told Business Line.

The open offer closes on July 21. Eni Holdings has offered to pay Rs 144.20 a share.

On the NSE on Friday, the HOEC share closed at Rs 129.35, down from the previous close of Rs 131.20.

Meanwhile, the other large HOEC shareholder, Hardy Oil and Gas Ltd, which had around 4.6 per cent stake as at end March 2008, said it would exit HOEC but was undecided as to whether to tender its shares in the open offer or not.

“We haven’t made up our mind. We still have a few more days for that,” Mr Sastry Karra, CEO of the company, told Business Line.

More Stories on : Open Offers | Petroleum | Housing Development Finance Corporation Ltd

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