CRISIL surges 20% on open offer by McGraw Hill at premium

Crisil shares were locked in 20% upper circuit at Rs 1,127, after the company before market hours today, said McGraw-Hill Financial Holdings (Singapore) P. Ltd plans to acquire stake in the company at a premium to the current market price.

The offer price of Rs 1,210 per equity shares works out to a premium of nearly 29% to CRISIL's closing market price of Rs 939 on Friday.

McGraw-Hill Financial Holdings (Singapore) P. Ltd has made an voluntary offer to acquire 15.67 million shares, or 22.23% of the voting share capital of CRISIL at a price of Rs 1,210 per equity share.

In case, McGraw-Hill Financial manages to acquire additional 22.23% stake through the voluntary offer its stake in CRISIL would increase to 75% from 52.77% as of now.

Over 60,000 shares were traded on both the stock exchanges so far while there are pending buy orders for 190,000 shares.