02-16-2005, 04:31 AM
<b>S&P sets sights on India with bid for credit agency </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->MUMBAI, India Standard & Poor's Rating Services said Tuesday that it planned to buy control of CRISIL, India's biggest credit assessor. CRISIL shares soared.
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The New York-based company will make an open offer to purchase as many as 3.53 million shares from CRISIL shareholders at 680 rupees each, it said in a statement. The offer is worth 2.4 billion rupees, or $54.8 million. If the offer is accepted for a minimum level of 2.64 million shares, Standard & Poor's will own 51 percent of the company.
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The New York-based company will make an open offer to purchase as many as 3.53 million shares from CRISIL shareholders at 680 rupees each, it said in a statement. The offer is worth 2.4 billion rupees, or $54.8 million. If the offer is accepted for a minimum level of 2.64 million shares, Standard & Poor's will own 51 percent of the company.
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