Shares of credit-rating agency, ICRA, surged 20% after parent company, Moody’s Investor Services revised the open offer upwards on Wednesday. Moody’s raised the open offer price by 20% to Rs 2,400 per share.
ICRA, Indian credit ratings agency, is one of the key gainers on BSE, surged 16% to Rs 2320 after global rating agency Moody's raised its offer price to acquire additional stake in the company to Rs 2,400 from Rs 2,000.Due to the strong financials,
ICRA is locked in upper circuit of 20% at Rs 1,913 on the BSE after the promoter’s made a conditional open offer to buy at least 2.15 million shares at Rs 2,000 per share to increase their stake in the company to 55% from 28.5%.
Ratings agency Moody’s on Friday said it would make an open offer to raise its stake in domestic rating agency ICRA from 28.5 per cent to 55 per cent. At an offer price of Rs 2,000 an ICRA share, the offer is valued at Rs 530 crore.
Shares of rating agencies, ICRA and Crisil are trading higher by over 4% each on back of heavy volumes ahead of the initial public offer (IPO) of Credit Analysis and Research Ltd (CARE), which opens on Friday.
ICRA shed more than 5% to Rs 1,070 after reporting 66% year-on-year (y-o-y) drop in consolidated net profit at Rs 3.59 crore for the first quarter ended June 2011, as compared to Rs 10.62 crore in the corresponding quarter of previous fiscal.
The board has recommended dividend of 17 per cent for 2009-10, Icra said in a statement. Its consolidated total income for reporting quarter rose by 14 per cent to Rs 53.69 crore from Rs 46.91 crore a year ago.
ICRA Online (ICRON), a subsidiary of rating firm ICRA, and Belgium-based Society for Worldwide Interbank Financial Telecommunication (SWIFT), on Wednesday entered into an agreement for setting up a payment gateway for transactions in mutual funds.