CARE gains after submission of final bids pre-poned

Domestic institutions which plan to sell stake have submission of final bids to Feb 22 from Feb 25 earlier

Shares of rating agency CARE Ratings were up over 1% at Rs 855 after domestic institutional investors pre-poned the date for submitting finals bids for their proposed stake sale in the company.

Earlier, the short listed bidders were asked to submit their final bids by February, 25 before 11AM which has now been pre-poned to February 22, 2014 by 11AM, the company said in a release.

IDBI and four other institutions which hold 45% stake in the company plans to sell 11.13 million shares.

The stock opened at Rs 852.30 on the BSE and touched an intra-day high of Rs 873. Over 222,000 shares were traded on both the stock exchanges so far.