Icra shares up 20 per cent on open offer

Icra shares rise 20 percent after the company's largest shareholder, Moody's Corp, announced a conditional open offer to acquire up to 2.6 million shares in it at 2,000 rupees a share for about $84 million.

Full acceptance of the offer, which is expected to kick off in April, would increase Moody's ownership stake in ICRA to about 55 percent, the ratings agency provider said.

Shares in Icra up 20 percent at 1,905.60 rupees as of 9:19 a.m.

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