CEZ, 
MILAN (Reuters) - Italian utility Enel (>> Enel S.p.A.) increased the number of shares it is offering retail investors in Spanish subsidiary Endesa (>> Endesa SA), which could raise 3.2 billion euros (2.54 billion pounds) to help reduce debt.
Enel, Europe's most indebted utility, is selling up to 22 percent of Endesa as part of wider plans this year to raise more than 4 billion euros from disposals to help maintain its investment-grade credit ratings.
Sources told Reuters on Wednesday Enel would be offering the shares in a price range of 13.5-13.8 euros. At 1530 GMT Endesa shares were down 1.8 percent at 13.68 euros.
In a statement on Thursday Enel said it had increased the number of shares offered to retail investors by 11.3 million after demand totalled 1.7 times the initial amount offered.
Enel, which owns around 92 percent of Endesa, is selling up to 22 percent of its Spanish business, including a greenshoe option, to retail and institutional investors.
A source close to the matter said on Thursday the institutional offer had closed midday, adding Enel would be holding a board meeting later to set the final price.
Enel declined to comment.
A Milan based analyst, who asked not to be named, said the sale of Endesa shares was good news for debt reduction but added value had been destroyed.
"Our fair value on Endesa was more than 17 euros per share while the price looks like coming in at less than 14," the analyst said.
To cut its debt, Enel is also looking to sell its 66 percent stake in Slovak generating company Slovenske Elektrarne and assets in Romania though some analysts say the deals might not be finalised before year end.
Earlier on Thursday Hungary's MOL (>> MOL Plc) and state-owned energy group MVM said they had made a non-binding bid for Slovenske.
Czech electricity producer CEZ (>> CEZ as) has also expressed interest.
Enel is expecting binding bids for the asset by year end.
(Editing by Mark Potter and Elaine Hardcastle)
By Stephen Jewkes and Valentina Za
