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Mumbai, April 25: Rating major Standard & Poor’s (S&P) is understood to have ended up with a shareholding comfortably above the minimum threshold of 51% required under its conditional open offer for Crisil Ltd, thereby gaining control over the Indian ratings entity. The offer ended on Monday.
Though official figures weren’t available till late at night, sources associated with the offer told FE: “The shareholding is comfortably over the minimum threshold.” The exact figures are expected to be made known on Tuesday. This is one of the few open offers of late to have succeeded in India. It may be recalled that Holcim’s open offer for ACC did not elicit too enthusiastic a response from shareholders.
On Monday, the Crisil stock lost 1.54% on The Stock Exchange, Mumbai (BSE) to close at Rs 705.10, compared to its previous close of Rs 716.10.
The offer was conditional to S&P getting the 51% and if it had failed to do so, it would have had to return all the shares tendered to it, under takeover regulations, and settle for the 9.43% it currently has in Crisil. The offer price was revised to Rs 775 a share on April 10 from Rs 680. The size too was increased to 65.57% of Crisil’s equity, with minimum acceptance remaining at 51%.
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| • Offer began April 6 • Price, size upped on April 10 as Crisil market price soared ... More from Front Page
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