Rating firm Icra to consider Moody’s open offer
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 R2,000 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.