Global rating agency Standard & Poor's on Tuesday announced that it intends to become a majority shareholder in CRISIL Ltd by making a voluntary conditional open offer of Rs 680 per share.
S&P, a division of The McGraw-Hill Companies, plans to acquire up to 3,534,488 fully paid up equity shares of CRISIL, subject to a minimum acceptance level of 2,643,983 shares at Rs 680 per share, the agency said in a release here. The conditional offer, if accepted to the minimum level of 2,643,983 shares, together with the existing S&P stake of 600,000 shares would result in S&P owning a little over 51 per cent of CRISIL's shares, making it majority shareholder in the rating agency.
If S&P's offer are accepted in full, subject to receipt of requisite regulatory approvals, the agency would own a little over 65 per cent of CRISIL's shares.
"A majority position will enable S&P to integrate CRISIL more fully into our operations for the benefit of the Indian and international marketplace," Kathleen Corbet, president of Standard & Poor's said.