Date:23/02/2005 URL: http://www.thehindubusinessline.com/2005/02/23/stories/2005022301631500.htm

Back McGraw Hill's open offer to Crisil shareholders in April

Our Bureau

Mumbai , Feb. 22

THE McGraw Hill Companies' open offer to Credit Rating Information Services of India Ltd's (Crisil) shareholders will commence on April 6, according to a public announcement to the shareholders filed with the Securities and Exchange Board of India .

The last date for despatch of offer letters to shareholders has been set as March 31 and the last date for revision of the offer price or offer size if any, would be April 11.

The specified date for the transaction is February 18. Letters of offer would be sent to those who held shares of Crisil as on this date. The McGraw Hill Companies Inc has filed the document with SEBI through Kotak Mahindra Capital Company, the managers to the offer.

This offerprice, at Rs 680 per share, is greater than the highest of the average of the weekly high and low of closing prices of the shares of Crisil on the BSE for the last 26 weeks. The average price is Rs 497.62 per share. The price is also higher than the average of the daily high and low prices of Crisil's shares on the BSE for the last two weeks, which was Rs 576.08.

The Rs 240.34 crore required for the offer would be funded by The Mcgraw Hill Companies through internally generated funds. The company has deposited $30 million in an escrow account of State Bank of India, New York, by way of security for performance of their obligations. The offer closes on April 25.