International rating agency Standard & Poor's has become the majority shareholder of Indian credit rating agency Crisil Ltd with 58.5 per cent stake, after it acquired 49.07 per cent shares during its recent open offer.
During its recent tender offer, S&P received valid acceptances for 3,120,948 shares, representing 49.07 per cent of Crisil Ltd, the company said in a release in Mumbai on Monday.
Upon completion of transfer formalities of these shares, and when combined with its existing interest, S&P would now own 37,20,948 shares, or 58.5 per cent of Crisil, it said.
"We have achieved our stated goal of becoming majority shareholder, allowing us to integrate Crisil's operations with us and to fully leverage opportunities both in India and abroad, creating additional value for all our clients", S&P president Kathleen A Corbet said.
She said Crisil, with its talented analytical pool and strong management, would play an integral role in S&P and The McGraw-Hill Companies' global network.
Crisil and S&P first signed an affiliation agreement in 1996. Later in 1997, S&P acquired its initial equity stake in Crisil. Prior to open offer, S&P held over 9.4 per cent stake in Crisil.
In recent years, S&P had commissioned Crisil in an increasing number of global analytical projects that have deepened the relationship and contributed to its growth and diversification, it said.
In February 2005, the McGraw-Hill Companies, on behalf of S&P, had made a voluntary conditional open offer to the shareholders of Crisil.