BackIDBI to sell part or entire stake in Care Ratings
Care shares lost 1.4% to close at `1,419.60 on Monday on BSE
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Mumbai: Public sector IDBI Bank Ltd will sell a part or all of its 16.62% stake in local credit rating agency Credit Analysis and Research Ltd (Care) after the bank’s board approved the share sale in a meeting on Monday, the bank said in a release to the National Stock Exchange (NSE).
“The board at its meeting held on 29 December 2014 has permitted the sale of IDBI Bank’s part or whole shareholding of 4,818,292 equity shares (4.82 million) in Credit Analysis and Research in one or more lots subject to compliance with all applicable laws, regulations and guidelines," IDBI said without giving any more details.
IDBI is the largest shareholder in the ratings company and its stake in Care is valued at ₹ 684 crore currently.
Care shares lost 1.4% to close at ₹ 1,419.60 on Monday on BSE, while the benchmark Sensex gained 0.57% to close at 27,395.73 points. The announcement was made after market hours.
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