Credit Rating Information Services of India (Crisil) board will meet tomorrow to consider acquisition of related business. | The rating agency informed the Bombay Stock Exchange (BSE) that the board meeting will be held on December 17. |
| Company sources confirmed that Crisil is acquiring a company in its related field of activity. |
| The stock price of the only listed rating agency moved up sharply today on news of the proposed acquisition. The scrip closed at Rs 468.3 from yesterday's close of Rs 452, reflecting a rise of 3.6 per cent. |
| Crisil is the market leader in the India rating industry and offers the most comprehensive range of rating services. This will not be the first time Crisil acquires a related entity. |
| In January 2000, the rating agency acquired the business of Information Products and Research Services (India) Pvt Ltd along with its brand INFAC. |
| Today, CRIS INFAC, Crisil's subsidiary, provides business research and opinion on issues impacting the competitiveness of Indian industries and companies. |
| This entity helps over 500 clients make better credit and investment decisions, and thereby enabling them to mitigate and manage their risk. |
| Crisil is not alone picking up stake in related businesses. In early July, Icra picked up 33 per cent stake in Online IndiaCapital.com. |
| Sidbi also holds 33 per cent in this entity, which focuses on providing analytical data for the mutual fund industry. Icra has the option of buying over the stake from Sidbi in two years. |
| Credit rating is Crisil's core business. Till March 31, 2003, it rated more than 4,438 debt instruments worth over Rs.446,329 crores, for more than 2000 companies. |
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