Moody's Secures Majority Equity Ownership Stake In ICRA - Quick Facts

(RTTNews) - Moody's Corp. (MCO) announced today that it has secured majority equity ownership stake in ICRA Ltd., increasing its stake to over 50.0% from 28.5%. The transaction is expected to close on or by June 30, 2014.

Based on current exchange rates, the total value of the transaction is about $86 million, or INR 5.17 billion. Moody's said it will fund the offer from international cash on hand.

Moody's offer price of Rs 2,400 per equity share of ICRA represented a premium of 51.1% to the closing stock price of ICRA on February 21, 2014, the last trading day before the offer announcement, and a 46.6% premium to ICRA's all-time closing high on the National Stock Exchange of India of INR 1,637 per share on December 31, 2013.