Life Insurance Corporation of India (LIC) has acquired about 9.93% stake in Credit Analysis and Research (CARE) for total consideration of Rs 418 crore through open market. The insurance major has purchased 2.88 million shares in the rating agency at price of Rs 1,453 per share.
Meanwhile, IDBI Bank sold 2.90 million shares of CARE at Rs 1,453.09 per share, data shows. According to shareholding pattern data, as on December 31, 2014, IDBI Bank held 16.62% stake, while LIC had nil holding in CARE.
CARE is a second largest full service credit rating company in India, offering rating and grading services across a diverse range of instruments and industries including IPO grading, equity grading, and grading of various types of enterprises, including shipyards, maritime training institutes, construction companies and rating of real estate projects, among others.
