New York ratings agency Moody's Corp. (NYSE: MCO) is offering to increase its stake in credit ratings provider ICRA Ltd. for about $85 million, or $32 per share.

ICRA provides credit ratings and research out of its nine offices across India. It is headquartered in Guragon. 

Moody's says it may buy 2.65 million shares of the company to increase its stake from 28.5 percent to as much as 55 percent. The company first bought a stake in ICRA in 1998.

The offer is conditional to ICRA allowing Moody's to buy at least 2.15 million shares, which would give the buyer just more than 50 percent of ICRA. Moody's would fund the purchase with cash on hand.

Moody's also provides research and analysis of companies and the financial markets. In December, the company bought Amba Investment Services, a Singapore-based investment research group. 


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