ICRA has received an approval to join the Association of Indian Rating Agencies (AIRA), by way of subscribing to their shares up to 20% of the paid-up share capital of AIRA, inter alia subject to requisite regulatory approvals. AIRA is an association of credit rating agencies to promote harmonious interactions amongst the credit rating agencies in India. The Board of Directors of the company in its meeting held on January 23, 2024, has approved the proposal.
Joining AIRA by way of subscribing to their shares will help ICRA in participating in the activities of AIRA to promote best practices, create awareness and understanding of credit ratings and contribute towards other objects mentioned in the memorandum of association of AIRA. The acquisition may be completed in three months, subject to necessary approvals and closing of the offer process including execution of required documents.
ICRA was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.
