Icra shares surge 18% as Moody's raises open offer price

Stock of rating agency Icra today rose nearly 18 per cent after its promoter Moody's raised the open offer price to Rs 2,400 per scrip, from Rs 2,000 earlier, for acquiring up to 26.50 lakh equity shares of the company.
Icra scrip ended the day at Rs 2,352.10, up 17.61 per cent, on the BSE. During the day, it had surged 20 per cent to Rs 2,400 - its one-year high level.
On the NSE, the stock soared 17.73 per cent to Rs 2,355.
"This corrigendum to the public announcement is being issued by Citigroup Global Markets India for and on behalf of the Moody's Singapore Pte Ltd (the acquirer) along with Moody's Investment Company India and Moody's Corporation to the shareholders of Icra with respect to an upward revision in the offer price from Rs 2,000 per equity share to Rs 2,400," Icra said in a filing to the BSE today.

It added that based on the revised offer price, the maximum consideration payable under this offer (assuming full acceptance) would be Rs 6,360,000,000 (Rs 636 crore) for acquisition of 2,650,000 equity shares.
Moody's Investment Company India holds 28.51 per cent stake in the company as on March quarter.
Moody's had in February this year announced an open offer for acquisition of up to 26.50 lakh equity shares at Rs 2,000 per share from the shareholders of Icra.