NEW YORK (AP) -- The parent company of Standard & Poor's said Monday that it plans to spend $340 million to increase its stake in the fast-growing Indian credit ratings and research company Crisil Ltd.
McGraw Hill Financial Inc. is offering to buy 15.7 million shares of Crisil for 1,210 rupees ($21.42) per share. That would increase its ownership of Crisil to 75 percent from about 53 percent. McGraw Hill has owned a stake in Crisil since 1997, becoming its majority shareholder in 2005.
McGraw Hill owns the Standard & Poor's Ratings Services, along with its analytics and other financial service brands, including J.D. Power & Associates, Platts energy and commodities services and S&P Dow Jones Indices, which maintains the Dow Jones industrial average and the S&P 500 index.
The company has said that demand for ratings in emerging markets like India is expanding rapidly.
McGraw Hill plans to start a tender offer for Crisil shares in July and said the deal would add to its earnings per share immediately.
Shares of McGraw Hill rose 10 cents to $54.65 in midday trading.
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