The Hindu Business Line : Jhunjhunwala sells 5.5% stake in Crisil open offer

MR Rakesh Jhunjhunwala, the single largest shareholder in the rating firm Crisil, has sold 5.5 per cent stake to Standard & Poor's in the open offer which closed today.

The sale by Mr Jhunjhunwala is significant as he along with his family held 14.26 per cent (or 9.07 lakh shares) in the rating firm. He told Business Line that he had sold 3.58 lakh shares of Crisil in the open offer and kept the rest with him.

Full details of the subscription to the open offer were not available till late in the evening. However, a source close to the merchant banker said the offer had received the required subscription.

S&P has come out with a conditional offer to acquire a maximum of 35.43 lakh shares (55.67 per cent) at Rs 775 per share. It had said the minimum acceptance was for 26.43 lakh shares (41.52 per cent), failing which the offer would stand cancelled.

Other large shareholders in Crisil are ICICI Bank Ltd (10.75 per cent), Unit Trust of India (7.56 per cent), Oppenheimer Funds Inc A/c Oppenheimer International Small Company Fund (5.11 per cent), Aberdeen International India Opportunities Fund (Mauritius) Ltd (7.80 per cent), Life Insurance Corporation of India (3.16 per cent) and State Bank of India (3.14 per cent).

In today's trading, Crisil stock closed at Rs 701.25 down 2.07 per cent on BSE. The stock has come down from high of Rs 765 touched on April 11.

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Jhunjhunwala sells 5.5% stake in Crisil open offer