IL&FS Financial Services sells 1.22% stake in CARE

IL&FS Financial Services today offloaded 1.22 per cent stake in rating agency CARE for over Rs 28 crore through an open market route.
According to information available with the stock exchanges, IL&FS Financial Services sold 3,53,900 shares, amounting to 1.22 per cent stake in Credit Analysis and Research Ltd (CARE).
The shares were sold on an average price of Rs 799.54 valuing the transaction at Rs 28.29 crore.
However, the buyer (s) of the shares could not be ascertained immediately.
At the end of December quarter, IL&FS Financial Services held 5.9 per cent, while another group affiliate IL&FS Trust owned 3.4 per cent in the company.

Meanwhile, CARE today notified stock exchanges that IDBI Bank and four other shareholders did not find suitable bids for selling their stakes in the company.

Last week, CARE had said that IDBI Bank and four other shareholders, who together hold more than 45 per cent in the rating agency, wanted to sell a substantial portion of their stake.
According to the filing, IDBI Bank informed CARE that a meeting had been held on 22 February "to open and consider the submitted bids. However, no bid was found acceptable to the selling shareholders and all of them have been rejected."
The rejection comes after Moody's Corp announced an open offer on last week to increase its stake in Care's domestic rival Icra.

CARE shares slumped by as much as 8.16 per cent to close at Rs 788.45 apiece on the BSE.