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McGraw Hill Financial Inc, which owns Standard & Poor's rating agency, said on Monday it would make a voluntary open offer to raise its stake in CRISIL Ltd to 75% in a deal worth about $340 million.
McGraw Hill, which owns 52.77% of credit rating and research company CRISIL, plans to acquire up to 15.7 million shares, or a 22.23% stake, through the open offer, the company said in a statement.
The open offer price has been set at Rs 1,210 a share, a premium of roughly 29% over CRISIL's share price on Friday. Shares in CRISIL jumped as much as 20% on Monday to Rs 1,129.90 in the Mumbai market after the announcement.
The CRISIL tender offer is expected to begin in July and conclude in early August, the McGraw Hill statement said, adding the company would finance the transaction with existing cash reserves.
