அவ வந்தாலும் சரிதான்
அவ ஆத்தா வந்தாலும் சரிதான்
இன்று விடக்கூடாது — with Lovelyheart Arivu andJabar Sadiq.
4Tamil.com
Mumbai: A consortium led by IDBI Bank Ltd, which holds a little over 45% shares in rating agency Credit Analysis and Research Ltd (CARE), is in talks with potential buyers to exit the company.
In a filing to BSE on Thursday, CARE said “IDBI has informed the company that it, and four other shareholders of the company, all of who hold more than 45% shares in the company, are in the process of identifying a buyer for a potential sale of 1,11,29,492 shares in the company.”
CARE said it is apprised that shortlisted bidders have been asked to submit their bids by 25 February.
“However, we also understand that the sellers have reserved the right to modify or abort the sale process at any stage and that the sale is subject to execution of a mutually agreed contract and to necessary approvals,” it added.
According a person close to the development, who requested anonymity, the four shareholders other than IDBI Bank are State Bank of India, Canara Bank, Federal Bank Ltd and Infrastructure Leasing and Financial Services Ltd.
IDBI Bank executives could not be reached immediately because of an ongoing board meeting. These five investors have invested in CARE since 1993, the person said.
CARE was listed on stock exchanges in 2012.
D.R. Dogra, managing director and chief executive officer at CARE, said other parties have not communicated to CARE but IDBI Bank has.
“The parties have expressed their interest in diluting their investment in CARE and as a good market practice we have informed the exchanges,” Dogra said.
At 11.07am, shares of CARE were trading at Rs.778.60 on BSE, up 1.47% from previous close while India’s benchmark Sensex Index fell 0.42% to 20362.90 points.
