ICRA Ltd (ICRA.BO)
|Market Cap (Mil.):||Rs27,359.00|
|Shares Outstanding (Mil.):||10.00|
Reuters Market Eye - Shares of rating agencies surge after Moody's said in a statement it raised its stake in ICRA Ltd to 50.06 percent after an open offer.
* Shares of India's rating agencies surge after Moody's said in a statement it raised its stake in ICRA Ltd to 50.06 percent after an open offer. * Moody's acquisition has sparked hopes of foreign investor interest in other local rating agencies too, dealers say. * ICRA jumps 13.1 percent after earlier marking record high at 2,780 rupees, Credit Analysis and Research surges 3.7 percent, having earlier touched a record high at 1,102 rupees while Crisil Ltd is up 0.5 percent. (abhishek.vishnoi@
* Shares of Indian rating agency Credit Analysis and Research Ltd (Care) fall as much as 11.5 percent after the company said bids for a share sale by stakeholders were rejected "after no bid was found acceptable." * Care shares had risen 22.7 percent so far this month as of Friday's close after the ratings agency said four shareholders, including IDBI Ltd, holding more than 45 percent were looking for a buyer for a potential sale of 11.1 million shares in it. * The rejection comes after Moody'
* India's Icra Ltd shares rise 20 percent after the company's largest shareholder, Moody's Corp, announced a conditional open offer to acquire up to 2.6 million shares in it at 2,000 rupees a share for about $84 million. * Full acceptance of the offer, which is expected to kick off in April, would increase Moody's ownership stake in ICRA to about 55 percent, the ratings agency provider said. * Shares in Icra up 20 percent at 1,905.60 rupees as of 0349 GMT. ($1 = 62.0750 Indian rupees) (indula