S&P's becomes majority shareholder in India's Crisil

By Reshmi Basu

New York, April 26 - Standard & Poor's will become a majority shareholder in Crisil Ltd., a provider of credit ratings, financial news and risk and policy advisory services in India.

Shareholders tendered more than minimum 2.64 million shares required under a conditional open offer set by Standard & Poor's in February, Crisil said.

Those tendered shares plus S&P's existing 600,000 shares will give the ratings agency a majority stake in Crisil.

The offer is contingent upon approval by the Reserve Bank of India.

Kotak Investment Bank is the manager of the offer and financial adviser to The McGraw-Hill Cos., the parent company of S&P.

Crisil and Standard's and Poor signed an affiliation agreement in 1996.

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