McGraw-Hill and S&P India on Monday revised upwards their offer price by about 14 per cent to Rs 775 per share to acquire up to 65.57 per cent stake in credit rating agency Crisil.
"In accordance with regulation, on April 11 (the last date of revision of the offer), the acquirer hereby revises the offer price from Rs 680 per share to Rs 775 per share," Kotak Mahindra Capital company, the manager of the offer, informed the Bombay Stock Exchange.
Kotak said McGraw-Hill and S&P India have also revised the offer size to 4,170,562 shares or 65.57 per cent of the voting capital of the target company from the earlier offer of 3,534,488 shares representing 55.57 per cent of the voting capital.
The communiqué said the offer was conditional on minimum level of acceptance of 2,643,983 shares representing 41.57 per cent of the voting capital of Crisil.
In case the number of valid shares tendered in terms of the offer was less than the minimum level of acceptance, Kotak said the acquirers would not accept any shares tendered.
