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February 21, 2014
07:53 EDTMCOMoody's announces conditional open offer to up ownership stake in ICRA
Moody's announced a conditional open offer to acquire up to 2,650,000 equity shares of ICRA. The offer is conditional upon acquiring at least 2,149,101 equity shares, which would increase Moody’s ownership stake from 28.5% to just over 50%. Full acceptance of the offer would increase Moody’s ownership stake in ICRA to approximately 55%. The offer price, payable in cash, is INR2,000 per share, which represents a 25.9% premium to ICRA’s closing price on the National Stock Exchange of India Limited on February 21 and a 28.7% and 42.5% premium to the one-month and six-month trailing average stock price, respectively. The offer price represents a 22.2% premium to ICRA’s all-time closing high on the NSE of INR 1,637 per share on December 31, 2013. The tender period is expected to begin in April subject to completion of a review of the transaction by Indian regulatory authorities. Moody’s will fund the offer from international cash on hand.
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