Edelweiss Financial Services acted as sole manager for ICRA

ICRA Limited is an independent and professional investment information and credit rating agency. It provides rating services, grading services, industry research, consulting services and knowledge process outsourcing . ICRA is majority-held by the Moody’s Group, the global credit rating agency
ICRA approved the Buyback of the Company’s fully paid-up equity shares from its shareholders, other than those who are its promoters or the persons in control and promoter group, for a total amount of Rs. 400.00 million at a price not exceeding Rs. 4,500 per Equity Share, payable in cash. The Buyback was implemented via the open market route through stock exchange mechanism.
The Buyback commenced on March 2, 2017 and closed on April 3, 2017. The Company bought back 96,720 Equity Shares, utilizing a total of Rs. 399.99 million representing 99.997% of the Maximum Buyback Size, at an average price of Rs. 4,135.54 per Equity Share. Edelweiss provided proficient handholding to the management team during the entire lifecycle of the transaction and provided guidance over all critical decisions so as to execute the transaction in a time bound manner. This was second transaction for ICRA in FY 2017 itself, post acting as the sole Financial Advisor to ICRA Ltd in the sale of its wholly-owned subsidiary ICRA Techno Analytics Limited (ICTEAS) to Nihilent Technologies. Edelweiss acted as the Sole Manager to the Buyback and Edelweiss Securities Limited as the Sole Broker to the Buyback managed to complete the Buyback in 17 trading sessions