Vysya Bank divests ICRA stake to Moodys
By Praveen Chandran | 27 Jun 2002
Mumbai: Vysya Bank has divested its 0.60-per cent stake in the credit rating agency ICRA Ltd to Moody's Investment Company India for an undisclosed amount. SBI Capital Markets Ltd, the investment-banking arm of State Bank of India, was the advisor for the deal.
Through the acquisition of shares from Vysya Bank, Moody's has increased its equity holding in ICRA from 21.15 per cent to 21.75 per cent. ICRA (formerly Investment Information and Credit Rating Agency of India Ltd) was incorporated in January 1991 and it launched its services in August 1991. It is the second largest credit rating company in India after Crisil.
Vysya Bank was one of the initial shareholders in ICRA, apart from other public and financial institutions and corporate bodies. It had 1.531-per cent shareholding in ICRA at the time of its incorporation, which declined to 0.60 per cent in 1996 after a rights issue by ICRA which was subscribed to mainly by Moody's.
Some of the other notable deals closed by SBI Caps in the recent past, both in private and public sectors, are the sale of the 50-per cent stake of Tractebel SA in Jindal Tractebel Power Company, the sale of the 25-per cent Indian government stake in VSNL and the acquisition of the 26-per cent stake by Sterlite in Hindustan Zinc.
Through the acquisition of shares from Vysya Bank, Moody's has increased its equity holding in ICRA from 21.15 per cent to 21.75 per cent. ICRA (formerly Investment Information and Credit Rating Agency of India Ltd) was incorporated in January 1991 and it launched its services in August 1991. It is the second largest credit rating company in India after Crisil.
Vysya Bank was one of the initial shareholders in ICRA, apart from other public and financial institutions and corporate bodies. It had 1.531-per cent shareholding in ICRA at the time of its incorporation, which declined to 0.60 per cent in 1996 after a rights issue by ICRA which was subscribed to mainly by Moody's.
Some of the other notable deals closed by SBI Caps in the recent past, both in private and public sectors, are the sale of the 50-per cent stake of Tractebel SA in Jindal Tractebel Power Company, the sale of the 25-per cent Indian government stake in VSNL and the acquisition of the 26-per cent stake by Sterlite in Hindustan Zinc.