Moody’s Corp., owner of the second-largest credit-ratings company, is seeking to purchase a majority stake in Indian grader ICRA Ltd. , expanding its existing 28.5 percent position.
Moody’s is offering to buy as much as 2.65 million of the New Delhi-based company’s shares for 2,000 Indian rupees each, a 28.7 percent premium to their closing level today on the National Stock Exchange of India.
The U.S. credit grader, which first purchased a stake in ICRA in 1998, is making the offer on the condition it acquires enough to boost its ownership to more than 50 percent, it said in the statement. McGraw Hill Financial Inc. , owner of Standard & Poor’s, the largest ratings firm, said in August it had increased its stake in Indian competitor Crisil Ltd. to 68 percent from 53 percent after a similar tender offer.
“We look forward to expanding and deepening our collaboration with ICRA as it provides research and ratings for the growing domestic debt market in India as well as other emerging markets in the region,” Moody’s Chief Executive Officer Raymond McDaniel said in the statement.
Moody’s is offering to buy as much as 2.65 million of the New Delhi-based company’s shares for 2,000 Indian rupees each, a 28.7 percent premium to their closing level today on the National Stock Exchange of India.
The U.S. credit grader, which first purchased a stake in ICRA in 1998, is making the offer on the condition it acquires enough to boost its ownership to more than 50 percent, it said in the statement. McGraw Hill Financial Inc. , owner of Standard & Poor’s, the largest ratings firm, said in August it had increased its stake in Indian competitor Crisil Ltd. to 68 percent from 53 percent after a similar tender offer.
“We look forward to expanding and deepening our collaboration with ICRA as it provides research and ratings for the growing domestic debt market in India as well as other emerging markets in the region,” Moody’s Chief Executive Officer Raymond McDaniel said in the statement.