CARE files draft prospectus for IPO

CARE has filed papers with market regulator SEBI for an initial public offer (IPO) of 7.2 mn shares.

Written by Agencies | New Delhi | Published:October 10, 2011 11:31 pm

Ratings agency CARE (Credit Analysis and Research) has filed papers with market regulator SEBI for an initial public offer (IPO) of 7.2 million shares.

The proposed offer constitutes 25.22 per cent of post offer paid-up capital,according to the paper filed on September 30.

The fund raised from the IPO will go to the existing shareholders.

“The objects of the offer are to carry out sale of 7,199,700 equity shares by the selling shareholders and to achieve the benefits of listing the equity shares on the stock exchanges,” it said.

“Our company will not receive any proceeds from the offer and all proceeds shall go to the selling shareholders. Listing will also provide a public market for the equity shares of our company,” it said.

IDBI Bank is the largest shareholder of the rating agency with about 26 per cent stake. It is followed by Canara Bank,which has 22 per cent,followed by SBI (about 10 per cent).

After SEBI’s approval,CARE will become the third rating agency after Crisil and ICRA to be listed on stock exchange.

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