McGraw Hill Financial, on Monday, said that it was making a voluntary open offer to acquire up to 15,670,372 shares, representing 22.23 per cent of the total equity shares outstanding in Crisil Limited, a global analytical company and India’s leader in credit ratings and research.
“Full acceptance of the offer would increase McGraw Hill Financial’s total stake in Crisil to 75 per cent from 52.77 per cent”, said McGraw Hill Financial in a release.
The cash offer of Rs.1,210 ($21.42) per share represents a premium of 29 per cent to the closing share price on May 31, 2013, and a premium of 12 per cent to Crisil’s all-time closing high on the National Stock Exchange of India Limited (NSE). “We intend to keep Crisil a listed public, independent company to maintain its leadership and essential role across the Indian economy, and to preserve the entrepreneurial, growth-oriented spirit of the high-performing Crisil team,” said Harold McGraw III, Chairman, President and CEO of McGraw Hill.
Full acceptance of the offer at current exchange rates values the total transaction at about $340 million. The tender offer period is expected to begin in July and conclude in early August.