Moody’s revives talks to buy out IFCI in Icra

Credit rating agency, Moody’s Investor Service has revived talks with IFCI Ltd for buying out the latter’s stake in Indian rating ...

Credit rating agency, Moody’s Investor Service has revived talks with IFCI Ltd for buying out the latter’s stake in Indian rating agency Icra.

IFCI holds 21.13 per cent in the unlisted rating agency and Moody’s already a major stakeholder with 21.75 per cent holding. In fact, IFCI had sold 9 per cent Icra stake in September 2001 for close to Rs 6 crore to Moody’s at the rate of Rs 75 a share.

According to institutional sources, IFCI’s average cost of acquisition of Icra shares stood at Rs 42.85 a share. Earlier, IFCI held 26 per cent stake in Icra, but subsequently, it divested a part of its stake to Moody’s in September 2001, when Moody’s increased its stake in Icra by an additional 9 per cent.

When contacted, Icra MD P.K. Choudhury said, ‘‘Moody’s had evinced interest to increase its stake in Icra two years ago but thereafter there has been no progress’’.

Canada, UK and Australia formally recognise a Palestinian state

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The UK, Canada, and Australia have recognized Palestine as a state, going against the US and Israel's opposition. British PM Starmer aims to revive peace without Hamas and hostage release. Canada and Australia also recognize Palestine, condemning terrorism. Over 145 UN members recognize Palestine, with France likely to join soon.

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