ICRA shares gained 20% intra-day on the BSE touching lifetime high of Rs 2,400 after the rating agency revised the open offer price upwards to Rs 2,400 from Rs 2,000.
Moody's which currently holds 28.51% or 28 lakh shares in ICRA, aims to acquire 26 lakh shares and take its stake to 55% through the open offer. Based on the revised offer price, Moody's will have to shell out Rs 636 crore assuming full acceptance.
ICRA shares were trading 17% higher at Rs 2,340 on the BSE on Wednesday at 12.30 pm IST. The tendering of shares will begin from June 3 to June 16.