Moody's ups stake in Icra to 50%

Promoter - Moody's Investment Company India Private Limited held 28.51% stake in company as of March 31, 2014

The shares of credit agency Icra surged 11.43 per cent on Friday to an all-time high of Rs 2,632 after promoter Moody’s said it had increased its stake in the company to over 50 per cent, securing a majority equity ownership.

“Moody’s Singapore Pte Ltd along with Moody’s Investment Company India Private Limited and Moody’s Corporation collectively increased their stake in the company to 50.06 per cent after the successful conclusion of open offer for a majority stake in the company,” Icra said in a statement.

Moody’s Investment Company India Private Limited held a 28.51 per cent stake in the company as of March 31. Moody’s had made an open offer to acquire 2.65 million shares or 28.51 per cent stake in Icra at Rs 2,400 a share. The promoter has successfully acquired 2.15 million shares or 21.55 per cent stake, in the open offer.

Icra offers ratings services in Indonesia, Sri Lanka and Nepal through its subsidiaries.

The rating agency had reported a six per cent decline on net profit growth to Rs 59.69 crore during FY14 on the back of 86 per cent increase in tax provisions to Rs 23.29 crore. Its operating income grew by 10 per cent to Rs 162.9 crore during the same period.