MILAN, Nov 20 (Reuters) - Italian utility Enel is increasing the number of shares from its Endesa business that it is offering to retail investors by 11.3 million, after demand totalled 1.7 times the initial amount offered, it said on Thursday.
The total number of shares offered to retail investors is now 34,810,500, Enel said in a statement.
Enel said it would announced later on Thursday the final price of the offering and its overall size, once it also concludes the part reserved for institutional investors.
Italy’s biggest utility is selling a stake of up to 22 percent in Endesa, and three sources close to the deal said on Wednesday Enel was on track to raise up to 3.2 billion euros ($4 billion).
1 US dollar = 0.7978 euro Reporting by Valentina Za; Editing by Mark Potter