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Moody’s Singapore along with Moody’s India and Moody’s Corporation USA have announced a conditional open offer for acquisition of up to 26.5 per cent in rating agency ICRA (26.5 lakh shares) at ₹2,000 a share.
This is a conditional offer and will be accepted only if a minimum of 21.49 lakh shares (21.5 per cent stake) are tendered by the public shareholders, else Moody’s will not accept any shares and the open offer would not go through.
Moody’s India already holds 28.509 per cent in ICRA. Moody’s intention to increase its stake in ICRA to 55.009 per cent from 28.509 per cent (which is more than the 5 per cent creeping acquisition limit) has triggered the open offer.
A minimum of 21.5 per cent is required for Moody’s Singapore along with the two persons acting in concert to increase their holding to 50.00001 per cent making them majority shareholders and consequently in control of ICRA.
Citigroup Global Markets India is the manager to the offer.
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