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The McGraw-Hill Companies Inc Offers To Raise Stake In Crisil Ltd For $340 Millon-Reuters


Monday, 3 Jun 2013 12:58am EDT 

Reuters reported that McGraw Hill Financial Inc, which owns Standard & Poor's rating agency, said on Monday that it would make a voluntary open offer to raise its stake in India's 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 open offer price has been set at 1,210 rupees 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 1,129.90 rupees in the Mumbai market after the announcement. The CRISIL tender offer is expected to begin in July and conclude in early August. 

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