Mumbai: Ratings agency Credit Analysis and Research (CARE) has filed initial papers with the stock market regulator for an initial public offer (IPO) of 7.2 million shares, or 25 percent of equity, by its shareholders.
CARE shareholders including State Bank of India, IDBI Bank, Canara Bank and Federal Bank, among others, will offload part of their stake in the company, according to the paper filed with the regulator last week.
The filing did not say how much the IPO would raise but the Economic Times had in June reported that CARE would raise 5 billion rupees (USD 102 million) from the share sale.
CARE will not receive any proceeds from the offer and all the funds will go to the selling shareholders.
Kotak Investment Banking, Bank of America-Merrill Lynch, Edelweiss, ICICI Securities, IDBI Capital and SBI Capital Markets are the managers to the issue.