04 October 2015

Moody's secures majority stake in ICRA

20 June 2014  |  1507 views  |  0 Source: Moody's

Moody's Corporation (NYSE:MCO) announced today that it has secured a majority equity ownership stake in ICRA Ltd., a leading provider of credit ratings and research in India, increasing its stake from 28.5% to over 50.0%.

"The successful conclusion of our offer for a majority stake in ICRA will allow us to extend our strong ties as we work together to serve the growing domestic debt market in India and across the region," said Raymond McDaniel, President and Chief Executive Officer of Moody's.

Based on current exchange rates, the total value of the transaction is approximately $86 million, or INR 5.17 billion. Moody's will fund the offer from international cash on hand. The transaction is expected to close on or by June 30, 2014.

Moody's offer price of Rs 2,400 per equity share of ICRA represented a premium of 51.1% to the closing stock price of ICRA Limited on February 21, 2014, the last trading day before the offer announcement, and a 46.6% premium to ICRA's all-time closing high on the National Stock Exchange of India (NSE) of INR 1,637 per share on December 31, 2013.

Moody's first purchased an ownership stake in ICRA in 1998.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
More global banks back blockchain collabor...
9877 views comments | 57 tweets | 49 linkedin
Iran joins fintech revolution
7447 views comments | 19 tweets | 5 linkedin
Banks face choice to collaborate or compet...
7256 views comments | 39 tweets | 45 linkedin
Samsung Pay lands in the US
5809 views comments | 25 tweets | 24 linkedin
Worldpay trials facial recognition technol...
5433 views comments | 21 tweets | 38 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job