Investment firms buy 13 per cent in rating agency CARE
27 Sep 2010
Three investment firms, Bajaj Finserv Ltd, Milestone Religare and Aditya Birla PE, have together bought around 13 per cent equity in rating agency Credit Analysis & Research Ltd (CARE).
Milestone Religare bought 5 per cent stake in CARE while the Bajaj Group financial unit bought 4 per cent and Aditya Birla PE 4 per cent, reports quoting CARE managing director D R Dogra said today.
The three firms have bought stakes from existing shareholders ING Vysya, Kotak Mahindra Bank and another unnamed shareholder.
While details of the transaction and valuation of the stocks are not known, reports said the deal valued CARE at around Rs1,500 crore. The share sales were executed in separate deals over the last few weeks, reports added.
The valuation is based on the Rs75 crore that Milestone paid for a 5 per cent stake in CARE last month.
CARE, controlled by international rating firm Standard & Poor's, is India's second-most valued financial ratings firm after Crisil, which is again controlled by another global rating firm Moody's.