ICRA surges after Moody's hikes offer price to Rs 2,400

ICRA shares surged over 16% after global rating agency Moody's hiked offer price to Rs 2,400 from Rs 2,000

ICRA, Indian credit ratings agency, is one of the key gainers on BSE, surged 16% to Rs 2320 after global rating agency Moody's raised its offer price to acquire additional stake in the company to Rs 2,400 from Rs 2,000.

Due to the strong financials, high return ratios and high cash-flow generation, Moody's is planning to acquire 26.5 lakh shares at Rs 2400 per share. 

New-York based credit rating agency Moody's currently owns 25.8% stake in ICRA.

Since, the Indian debt market is underdeveloped compared to the developed economies, this move may help Moody's to tap a higher market share in INDIA

 
The stock opened at Rs 2,000 touched a high of Rs 2,400 and a low of Rs 1,938 on the BSE so far.  Over 11,221 shares were traded on both the stock exchanges so far.