Care Ratings has received an approval for incorporation of wholly-owned subsidiary in GIFT City, Gujarat, subject to Regulatory approvals. The Board of Directors of the Company at their meeting held on March 19, 2024, has approved the same. The name of the wholly-owned subsidiary proposed to be incorporated is ‘CareEdge Global IFSC’ or any other name as may be approved by the relevant statutory authorities. The Company will invest Rs 30 crore as an initial equity share capital in the proposed company.
The proposed company will carry out the business of Global Scale Ratings of Securities, Sovereign Ratings, sub-Sovereign ratings, Research, and any other activity allowed by Regulators. The proposed company would require approvals from International Financial Services Centres Authority (IFSCA) and SEZ Authorities - GIFT City and any other Regulator as may be required. The incorporation of new company will be tentatively completed by June 30, 2024.
Care Ratings has emerged as the leading agency for covering many rating segments including manufacturing, infrastructure, financial sector including banks, non-financial services among others.
Company Name | CMP |
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CRISIL | 4263.65 |
ICRA | 5034.25 |
Care Ratings | 1145.00 |
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