Tuesday, February 15 2005 12:49 Hrs (IST) - World Time -

Mumbai: Global rating agency, Standard & Poor's (S&P) today (Feb 15, 2005) announced that it intends to become a majority shareholder in Credit Rating Information Services of India Limited (CRISIL) by making a voluntary conditional open offer of Rs 680 per share.

S&P, a division of the McGraw-Hill Companies, plans to acquire up to 3,534,488 fully paid up equity shares of CRISIL, subject to a minimum acceptance level of 2,643,983 shares at Rs 680 per share, the agency said in a release in Mumbai.

The conditional offer, if accepted to the minimum level of 2,643,983 shares, together with the existing S&P stake of 600,000 shares would result in S&P owning a little over 51 per cent of CRISIL's shares, making it majority shareholder in the rating agency.

If S&P's offer were accepted in full, subject to receipt of requisite regulatory approvals, then the agency would own a little over 65 per cent of CRISIL's shares.

"A majority position will enable S&P to integrate CRISIL more fully into our operations for the benefit of the Indian and international marketplace," President of Standard & Poor's Kathleen Corbet said.