Care Rating's IPO opened on Friday with a price band of Rs700-Rs750 per share
New Delhi: Credit analysis and research firm Care Ratings has said it plans to set up a rating agency in Mauritius and is in process of establishing an international rating unit along with four global partners, reports PTI.
"We are planning to set up a rating agency in Mauritius. We are also in the process of setting up an international rating agency...companies in Brazil, Portugal, Malaysia and South Africa are the partners," Care Ratings Deputy Managing Director Rajesh Mokashi told reporters during its initial public offer (IPO) details.
The rating agency's Rs504-Rs540 crore IPO will open for subscription on 7th December and close on 11th December, he said.
The company has fixed the price band at Rs700-Rs750 per share. The issue will constitute 25.22% of the post- offer paid-up equity share capital of the company.
"The purpose of the IPO is to unlock value...there is no monetary requirement by the company for any expansion," Mokashi said.
The credit analysis company is proposing a public offer of 71.9 lakh shares of Rs10 each through an offer for sale by the selling shareholders.
The bids can be made for a minimum of 20 shares and in multiples of 20 shares thereafter.
Care is promoted by major banks and financial institutions and its three largest shareholders are IDBI Bank with 26%, Canara Bank with 23% and State Bank of India with 9%.
Care Ratings is the second largest rating agency in the country which has seen 40% growth in profits and revenue in the last few years, Mokashi added.
In the IPO, 50% of the offer shall be allocated on a proportionate basis to QIBs (qualified institutional buyers), 15% to non-institutional buyers and 35% to retail individual investors.
Union Government and SEBI had also written to all the State Governments and Union Territories advising them to take urgent steps to contain illegal trading
New Delhi: The Union Government said it has advised States and Union Territories to take urgent steps to tackle illegal trading of shares, reports PTI.
The Securities and Exchange Board of India (SEBI) has received complaints against some entities alleging illegal trading of shares in various parts of the country, Minister of State for Finance Namo Narain Meena informed the Rajya Sabha.
"... the Government of India and SEBI had also written to all the State Governments and Union Territories advising them to take urgent steps to contain illegal trading. SEBI on its part has initiated training programmes and guidance to State Police Departments to deal with instances of illegal trading," Meena said in a written reply.
This was done to impress upon the state governments to take appropriate and timely action on the issue, he added.
Meena noted that SEBI, in 2006, had made it mandatory for stock brokers to report off-market transactions to the stock exchange.
According to the Minister, SEBI has taken enforcement action against a few intermediaries registered with it, including passing restraint orders and quasi-judicial proceedings.
According to Minster, there were 1,290 defaulters while the total penalty imposed on them was...