The Hindu Business Line : Post S&P offer

THE day after Standard & Poor's open offer for Crisil ended, CRISIL shares touched its 52-week high of Rs. 825. The stock closed at Rs 805, which is Rs 35 over S&P's offer price of Rs 770. Traded volumes were also significant with BSE registering a total turnover of Rs 79.78 lakh.

The initial offer price was Rs 685 a share. S&P had hiked it to Rs 770 on April 10.

On Monday, S&P's announced that its open offer for Crisil Ltd's shares closed successfully. S&P received the requisite number of offers to cross the conditional threshold of 26.43 lakh shares.

Though the company was not specific about the total number of shares received as physical share certificates are still being received, it said preliminary information suggests that the offer has tendered more shares than the minimum acceptance level.

The final tally of the offer would be announced next week.

Among the institutions that held Crisil shares, it is understood that UTI-1 and LIC have chosen to retain their holding in the company. Mr Rakesh Jhunjhunwala and his wife Rekha, who together held 14.26 per cent of the company, sold 5.5 per cent of their total stake. ICICI Bank, which held 10.75 per cent is also understood to have participated in the offer.

S&P would become the majority shareholder of Crisil post the verification of acceptances and receipt of final approval from Reserve Bank of India.

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