ICRA is locked in upper circuit of 20% at Rs 1,913 on the BSE after the promoter’s made a conditional open offer to buy at least 2.15 million shares at Rs 2,000 per share to increase their stake in the company to 55% from 28.5%.
According to stock exchange announcement, those acting in concert — Moody’s Singapore Pte, Moody’s Investment Company (India) and Moody’s Corporation — have offered to buy 2.65 million shares in the rating agency at a price of Rs 2,000 per share.
The offer price is 26.47% premium to the Friday’s closing price and values the deal at Rs 530 crore.
“This offer is a conditional offer and is subject to a minimum level of acceptance of 2.15 million shares (representing 21.5%) of the voting share capital. If the number of shares tendered is less than 2.15 million, the buyer shall not accept any shares tendered,” the company said in a statement.
The stock opened at Rs 1,858 and has seen a combined 29,631 shares changing hands on the counter so far on the BSE and NSE.
According to stock exchange announcement, those acting in concert — Moody’s Singapore Pte, Moody’s Investment Company (India) and Moody’s Corporation — have offered to buy 2.65 million shares in the rating agency at a price of Rs 2,000 per share.
The offer price is 26.47% premium to the Friday’s closing price and values the deal at Rs 530 crore.
“This offer is a conditional offer and is subject to a minimum level of acceptance of 2.15 million shares (representing 21.5%) of the voting share capital. If the number of shares tendered is less than 2.15 million, the buyer shall not accept any shares tendered,” the company said in a statement.
The stock opened at Rs 1,858 and has seen a combined 29,631 shares changing hands on the counter so far on the BSE and NSE.
