Buzz on Standard & Poor’s open offer for balance Crisil stake
The US rating agency, which holds more than half of the domestic rating agency, is likely to soon make an open offer for the balance stake.
MUMBAI: US rating agency Standard & Poor’s, which holds more than half of domestic rating agency Crisil Ltd, is likely to make an open offer for the balance stake soon, according to sources.
The Crisil board is likely to meet in the second half of February to consider this, according to sources.
Currently, S&P holds 55.08% stake in Crisil, while FIIs hold about 9.44%.
Big Bull Rakesh Jhunjhunwala has 8.14%. He has been one of the rating agency’s early investors.
Crisil officials declined to comment and instead directed a DNA Money query to the Standard & Poor’s offices in London.
Martin Winn, vice-president, communications at Standard & Poor’s said: “It is our policy never to comment on market rumour and speculation”.
The Crisil share has been buzzing for a while now. On Tuesday, it rose 6.29% to Rs 2,977.55, from Monday’s close of Rs 2,801.45, on buzz of good third-quarter tidings. The growth in industry and concurrent deepening of the debt and equity markets have spawned a lot of instruments that need to be rated, potentially benefiting raters such as Crisil.