Shares of three credit rating agencies gained 1.03% to 4.4% at 14:08 IST on BSE after CARE announced that a consortium led by IDBI Bank is in talks with potential buyers to offload stake in the company.
CRISIL (up 4.4%), CARE (up 3.73%) and ICRA (up 1.03%) edged higher.
Meanwhile, the S&P BSE Sensex was down 172.43 points or 0.84% at 20,276.06
CRISIL had outperformed the market over the past one month till 12 February 2014, falling 1.36% compared with the Sensex's 1.49% fall. The scrip had also outperformed the market in past one quarter, gaining 0.9% as against Sensex's 0.82% rise.
CARE had outperformed the market over the past one month till 12 February 2014, rising 6.71% compared with the Sensex's 1.49% fall. The scrip had also outperformed the market in past one quarter, gaining 12.85% as against Sensex's 0.82% rise.
ICRA had underperformed the market over the past one month till 12 February 2014, falling 3.15% compared with the Sensex's 1.49% fall. The scrip, however, outperformed the market in past one quarter, gaining 16.35% as against Sensex's 0.82% rise.
In an announcement during trading hours today, 13 February 2014 Credit Analysis and Research (CARE) said that IDBI Bank has informed the company that it, and four other shareholders of the company, all of who hold more than 45% shares in the company, are in the process of identifying a buyer for a potential sale of 1.11 crore shares in the company.
CARE said it is apprised that shortlisted bidders have been asked to submit their bids by 25 February 2014. However, the company also understands that the sellers have reserved the right to modify or abort the sale process at any stage and that the sale is subject to execution of a mutually agreed contract and to necessary approvals, it added.
In a separate filing with the stock exchanges before trading hours today, 13 February 2014 CARE said its board at the meeting held on 12 February 2014, has given its consent, subject to the approval of the members of the company, for increasing the limit of investment by Foreign Institutional Investors (FIIs) including their sub-accounts in the shares or convertible debentures of the company by subscription or acquisition up to 74% of the paid up equity share capital or paid up value of each series of convertible debentures of the company as may be applicable.
As at 31 December 2013, FIIs held 15.43% stake in CARE.
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