Moody’s Corporation (NYSE:MCO) announced an increase in the price of its conditional open offer to acquire up to 2,650,000 equity shares of ICRA Limited (ICRA) to Rs 2,400 per equity share.
The increase represents a premium of 20.0% to the previous offer price of Rs 2,000 per equity share, a premium of 51.1% to the closing stock price of ICRA Limited on February 21, the last trading day before the offer announcement, and a premium of 46.6% to ICRA’s all-time closing high price on the National Stock Exchange of India Limited before the offer announcement.
The price increase will be the only and final revision to the offer price, and the offer remains conditional on Moody’s acquiring at least 2,149,101 equity shares, which would increase Moody’s ownership stake from 28.5% to just over 50.0%.
“We are committed to the successful completion of our open offer to ICRA shareholders,” said Raymond McDaniel, President and Chief Executive Officer of Moody’s. “Our increased offer price reflects our desire to maximize investor participation in the offer.”
The offer will open on Tuesday, June 3 and close on Monday, June 16. The revised schedule of activities is indicated in the Letter of Offer which has been dispatched to the shareholders of ICRA.
About: ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional Investment Information and Credit Rating Agency.Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. ICRA is a partner of Moody’s.
Source: Moody’s Press Release
ICRA is an associate member of BIIA