Care Ratings to expand operations abroad

Credit Analysis and Research Limited (Care Ratings) is planning to expand its operation in the international market by providing technical assistance to domestic rating agencies outside India, PN Sathees Kumar, chief general manager, told mediapersons. He was here to announce the forthcoming IPO. The company has entered into non-binding agreements with four companies in Malaysia, Brazil, South Africa and Portugal to provide technical assistance.

The rating agency plans to raise Rs 504-540 crore by issuing 7.2 million shares of the face value of Rs 10 each, with a price band of Rs 700-750 an equity share. The issue opens on Dec 7 and closes on Dec 11.