Financial Daily from THE HINDU group of publications
Wednesday, Apr 13, 2005
Financial Daily from THE HINDU group of publications Wednesday, Apr 13, 2005 |
|
|
|
|
|
Corporate
-
Open Offers ICICI Bank to sell Crisil stake to S&P Our Bureau
Mumbai , April 12 ICICI Bank Ltd has decided to sell its 10.77 per cent stake in Crisil Ltd to Standard and Poor's, which had hiked its open offer price for the Indian rating agency to Rs 775 per share on Sunday, a bank official today said. "We consider the revised offer price very attractive," said an ICICI Bank official. The original offer price was Rs 680 per share. "The revised offer is a 50 per cent premium to the average price of the stock in the last six months," he said. The global rating agency which already holds about 10 per cent stake in Crisil has made a conditional offer to raise its stake to 75 per cent. Besides ICICI Bank, other institutional shareholders such as UTI and LIC are also reported to have decided to tender their stake in the open offer. UTI (The specified undertaking of the Unit Trust of India) and UTI MF together hold 8.43 per cent and LIC 3.17 per cent. Leading investor Mr Rakesh Jhunjhunwala, who holds more than 14 per cent stake in the company, said he had not decided whether to sell his stake. "I will make my decision by April 26," he said. April 26 is the last day of the open offer. Some analyst said Mr JhunJhunwala is unlikely to exit as he will be the single largest Indian shareholder once S&P takes control of the company. He can then bargain for a higher price.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|