Crisil Ltd’s shares were locked in a 20 per cent upper circuit today after a majority stakeholders of the credit rating agency announced a voluntary open offer to acquire up to 1,56,70,372 shares from the public shareholders at Rs 1,210 per share.
The open offer price is nearly 30 per cent higher than the closing price of the stock on Friday.
The stock was up by Rs 187.75, a gain of 20 per cent, at Rs 1126 on the BSE. The open offer price is higher than the 52-week high of Rs 1,128 that it had touched on January 4 this year.
In a notification to the stock exchanges, the manager to the offer Morgan Stanley India Company Pvt Ltd on behalf of the acquirer — McGraw-Hill Asian Holdings (Singapore) Pte. Ltd with S&P India LLC (S&P India), Standard & Poor’s International LLC (S&P International) and McGraw Hill Financial Inc. (McGraw Hill) as persons acting in concert, said the voluntary open offer to the public shareholders was for acquiring up to 15,670,372 shares representing 22.23 per cent of the voting share capital of the company at Rs 1,210 per share.
The acquisition if fully made would take the promoters’ shareholding from the present 52.98 per cent to 75.21 per cent. Apart from the promoters, the shareholding of others in terms of percentage was FIIs (10.65), DIIs (16.76) and others (19.61).