Shares of Crisil surged 7 per cent and hit a fresh 52-week high of Rs 1,921 on the BSE on Monday, extending its Friday's 1 per cent gain, after the company said it will acquire a Stamford, Connecticut-based company Greenwich Associates LLC. The $40 million acquisition will be done through Crisil's subsidiary, CRISIL Irevna US LLC and will be funded entirely through internal accruals.
The stock was trading at its highest level since May 30, 2018. In the past one month, it has rallied 27 per cent, as compared to a 3 per cent rise in the S&P BSE Sensex.
Greenwich is a leading provider of proprietary benchmarking data, analytics and qualitative, actionable insights that helps financial services firms worldwide measure and improve business performance. It serves over 300 of the top investment banks, corporate banks, commercial banks, asset managers and key players in the market infrastructure space globally, Crisil said in its statement. READ HERE
The company said the acquisition will complement Crisil's existing portfolio of products and expand offerings to new segments across financial services including commercial banks and asset and wealth managers. The deal, it added, will accelerate Crisil's strategy to be the leading player in the growing market of global benchmarking analytics.
The deal is anticipated to close in the first quarter of 2020. Greenwich's partners and their team of approximately 150 people globally will join Crisil following the completion of the transaction, the statement said.
At 11:49 am, the stock was trading 5 per cent higher at Rs 1,887 on the BSE, as against a 0.10 per cent fall in the S&P BSE Sensex. A combined 64,212 equity shares have changed hands on the NSE and BSE so far.