CARE issue to keep Crisil, ICRA in focus

Market men may keep a focus on Crisil and ICRA, as another rating agency CARE is tapping the market with public issue. The initial public offering of Credit Analysis and Research Ltd will be open for subscription between December 7 and December 11. CARE Ratings commenced operations in 1993 and since then has grown to become the second largest rating agency after Crisil (a unit of S&P). The rating agency plans to raise Rs 504–540 crore through the issue. The entire issue will comprise 25.22 per cent of the post-offer paid-up capital of the company and will also offer for sale by existing shareholders. Its investors include IDBI Bank, Canara Bank, SBI, IL&FS and Federal Bank. Crisil has a market capitalisation of around Rs 6,750 crore and ICRA Rs 1,320 crore.