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Friday, Jun 07, 2002

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Moody's to pick Vysya Bank stake in ICRA

Our Bureau


VYSYA Bank will exit ICRA with Moody's Investment Company India Ltd picking up its share in the credit rating agency ICRA.

With this, Moody's equity in ICRA will go up from the present 22.84 per cent to 23.44 per cent.

The company has received Government nod for this. In its application to the Foreign Investment Promotion Board (FIPB) the company has stated that the acquisition of Vysya's shareholding in ICRA would be funded by its holding company, Moody's Mauritius Holdings Ltd.

Moody's was earlier granted approval to act as a special purpose vehicle to provide technical and financial collaboration to ICRA with the objective of expanding credit ratings and analysis in the domestic market. The approval was subject to the condition that Moody's would make direct investment into ICRA and also meet the minimum capitalisation norms of $0.5 million.

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