ICRA, Crisil gain ahead of CARE public issue

CARE plans to raise Rs 504-540 crore through IPO

Shares of rating agencies, ICRA and Crisil are trading higher by over 4% each on back of heavy volumes ahead of the initial public offer (IPO) of Credit Analysis and Research Ltd (CARE), which opens on Friday.

The rating agency plans to raise Rs 504–540 crore by issuing 7.2 million shares of face value of Rs 10 each through the issue. The entire issue will comprise 25.22% of the post-offer paid-up capital of the company and will also offer for sale by existing shareholders.

The IPO of CARE will be open for subscription between December 7 and December 11.

Among the individual stocks, ICRA has rallied 15% to Rs 1,515, also its 52-week high on the BSE. A combined 66,821 shares have already changed hands on the counter so far against an average less than 15,000 shares that were traded daily in past two weeks. Crisil is also up by 5.4% at Rs 1,013 on back of over two-fold jump in trading volumes.