Financial Daily from THE HINDU group of publications
Friday, Jun 07, 2002
Financial Daily from THE HINDU group of publications Friday, Jun 07, 2002 |
|
|
|
|
|
Money & Banking
-
Investment Banking Corporate - Mergers & Acquisitions Moody's to pick Vysya Bank stake in ICRA Our Bureau
NEW DELHI, June 6 VYSYA Bank will exit ICRA with Moody's Investment Company India Ltd picking up its share in the credit rating agency ICRA. With this, Moody's equity in ICRA will go up from the present 22.84 per cent to 23.44 per cent. The company has received Government nod for this. In its application to the Foreign Investment Promotion Board (FIPB) the company has stated that the acquisition of Vysya's shareholding in ICRA would be funded by its holding company, Moody's Mauritius Holdings Ltd. Moody's was earlier granted approval to act as a special purpose vehicle to provide technical and financial collaboration to ICRA with the objective of expanding credit ratings and analysis in the domestic market. The approval was subject to the condition that Moody's would make direct investment into ICRA and also meet the minimum capitalisation norms of $0.5 million.
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|