Italian energy company Eni has completed the sale of 10% of the share capital of oilfield group Saipem at 1.970 euros per share for a total value of 393 million euros ($421.96 million).

The sale was launched late on Tuesday through an accelerated bookbuilding procedure.

Following the sale, Eni’s stake in Saipem’s capital became around 21.19%, of which some 12.5% is covered by the existing shareholders’ agreement between the company and Italian state lender CDP through its unit CDP Equity.

Saipem stock closed at 2.065 euros per share on Tuesday.

The sale to institutional investors was managed by Citigroup, Goldman Sachs International, Intesa Sanpaolo, Natixis and UniCredit.

As part of the terms of the placement, Eni has agreed to a lock-up period of 180 days, during which it cannot sell additional shares of Saipem on the market.