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Ambarish Mukherjee

New Delhi , Jan. 22

MAJOR Indian financial institutions are selling part of their stake in the country's premier credit rating agency, ICRA, to its foreign partner and global credit rating agency, Moody's.

Moody's currently hold 23.44 per cent stake in ICRA through its wholly-owned Indian subsidiary, Moody's Investment Company India Ltd (MICIL).

The acquisition will be funded by the Mauritius-based subsidiary, Moody's Mauritius Holdings Ltd.

MICIL will buy out a total of 8,18,500 equity shares of ICRA from Union Bank of India, Indian Overseas Bank, IL&FS, HDFC, Exim Bank of India, Allahabad Bank and United Bank of India, accounting for 7.605 per cent stake in the company.

After the buy-out, MICIL's stake in the company will go up to 31.045 per cent. Moody's Mauritius outfit will bring in $ 0.5 million for completing the transaction.

More Stories on : Mergers & Acquisitions | Credit Rating

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