McGraw Hill Financial on Monday said it has raised its stake in Crisil Ltd by acquiring 15.1 per cent equity shares worth Rs 1,290 crore ($214 million).
…McGraw Hill Financial acquired 10,623,059 equity shares from shareholders of Crisil,which represents 15.1 per cent of the total equity shares outstanding, it said in a statement.
After the acquisition,the stake of McGraw Hill has gone up to 67.8 per cent from 52.8 per cent.
We have enjoyed a very productive long-term relationship with Crisil… and our new investment underscores the confidence we have in Crisils future, said Harold McGraw III,chairman,president and CEO of McGraw Hill Financial.
The company said that it has financed the transaction with existing cash resources at a cash offer of Rs 1,210 per share.
Shares of Crisil closed at Rs 1,151.60 apiece on the BSE,down 1.37 per cent.