Strength prevails in CRISIL counter

The announcement was made during trading hours on Monday, 3 June 2013. Shares of CRISIL hit an upper circuit limit of 20% at Rs 1,126.60 on that day. The stock has risen 23.78% in two sessions from Rs 938.85 on 31 May 2013.

Meanwhile, the S&P BSE Sensex was up 49.27 points, or 0.25%, to 19,659.75.

On BSE, 63,738 shares were traded in the counter as against an average daily volume of 4,778 shares in the past one quarter.

The stock hit a high of Rs 1,169 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 1,135 so far during the day. The stock had hit a 52-week low of Rs 855.25 on 14 August 2012.

The stock had outperformed the market over the past one month till 3 June 2013, rising 25.23% compared with the Sensex's 0.18% rise. The scrip had also outperformed the market in past one quarter, rising 20.21% as against Sensex's 3.66% rise.

The mid-cap company has an equity capital of Rs 7.05 crore. Face value per share is Re 1.

McGraw Hill Financial is making a voluntary open offer to acquire up to 1.56 crore shares, representing 22.23% of the total equity shares outstanding in CRISIL at Rs 1,210 per share. Full acceptance of the offer would increase McGraw Hill Financial's total stake in CRISIL to 75% from 52.77%.

The cash offer of Rs 1,210 per share represents a premium of 28.88% to the closing share price of Rs 938.85 on Friday, 31 May 2013.

The tender offer period is expected to begin in July 2013 and conclude in early August 2013. All requirements and procedures under Indian law will be strictly followed, McGraw Hill Financial said in a statement.

CRISIL and S&P Ratings Services first signed an affiliation agreement in 1996. The relationship was further strengthened in 1997 when McGraw Hill Financial acquired its initial equity stake in CRISIL. In 2005, McGraw Hill Financial became CRISIL's majority shareholder.

McGraw Hill Financial, a financial intelligence company, is a leader in credit ratings, benchmarks and analytics for the global capital and commodity markets. Its iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power & Associates, McGraw Hill Construction and Aviation Week.

On a consolidated basis, CRISIL's net profit fell 13% to Rs 49.57 crore on 10.10% increase in total income to Rs 258.21 crore in Q1 March 2013 over Q1 March 2012.

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services.

Powered by Capital Market - Live News