Rating firm Icra has said that its board would consider on Tuesday Moody’s open offer to acquire up to 26.5 lakh equity shares in the company, raising its stake from 28.5% to 55%.
Moody's Corporation had last week announced a conditional open offer to acquire up to 26.5 lakh equity shares of Icra through an open offer. The Icra scrip on Monday hit its 52-week high of Rs 1,913 on the Bombay Stock Exchange (BSE). At the end of day’s trade, the shares of the company closed at Rs 1,913, up 20% from the previous close.
Under the offer, Moody’s would pay in cash Rs 2,000 per share, representing 25.9% premium to Icra’s closing price on the National Stock Exchange of India (NSE) on February 21, 2014, and a 28.7% and 42.5% premium to the one-month and six-month trailing average stock price, respectively. Moody's had said in a statement on Friday that the tender period is expected to begin in April 2014 and will be funded from international cash on hand.