CARE To Hit Capital Market; Files DRHP For An IPO (10-Oct-2011)
Credit Analysis and Research (CARE), country's second largest credit rating agency, has filed draft red herring prospectus with market regulator Securities Exchange Board of India (SEBI) for an initial public offer. The company plans to issue 7,199,700 equity shares having face value of Rs 10 each through 100% Book Building Offer.
Kotak Mahindra Capital, DSP Merrill Lynch, Edelweiss Financial Services, ICICI Securities, IDBI Capital Market Services and SBI Capital Markets are book running lead managers and Karvy Computershare is the registrar to the issue.
CARE looks forward to sale the stake of existing shareholders using the issue proceeds. Thus, the entire issue proceeds will go to the selling shareholders. Its existing shareholders include IDBI Bank, Canara Bank, SBI, IL&FS, Federal Bank, IL&FS Trust, Milestone Trusteeship, ING Vysya and Tata Investment.
CARE, incorporated in April 1993, is a full service credit rating company in India. The company with its 18 years experience offers ratings to most kinds of short, medium and long-term debt instruments, such as commercial paper, bonds, debentures, preference shares and structured debt instruments; bank loans and facilities, both fund-based and non fund-based; and deposit obligations, such as inter-corporate deposits, fixed deposits and certificates of deposit; IPO grading.
Its client list includes banks and other financial institutions, private sector companies, central public sector undertakings, sub-sovereign entities, small and medium enterprises ("SMEs") and micro-finance institutions, among others.
CARE is recognized by the Capital Markets Development Authority, Republic of Maldives to carry out ratings of debt instruments and bank loans and facilities in respect of Maldivian companies, through its office in the Republic of Maldives. Presently, the company is focusing on expanding ratings business in other countries, including Nepal, where it intends to provide rating services through a joint venture in the future. It has also been recognized by Bank of Mauritius for using ratings for risk weighting of bank claims on corporates for capital adequacy purposes.
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