CARE TO OFFER 5-10 PERCENT EQUITY STAKE TO FITCH IBCA
Article Abstract:
Credit Analysis & Research Ltd (CARE) plans to offload 5-10 percent of its equity in favour of Fitch IBCA, the third largest international credit rating agency in the world. The two agencies are expected to sign a memorandum of understanding (MoU) in the next three months and Fitch IBCA is to acquire the stake in CARE within six months to one year after signing the MoU. The Industrial Development Bank of India holds a 26 percent stake and Canara Bank holds a 23 percent stake in CARE's paid-up equity capital. CARE plans to conduct an independent valuation of its equity shares to decide the price at which it should offer the stake to Fitch IBCA. (khr)
Comment:
Credit Analysis & Research Ltd (CARE) plans to offload 5-10 percent of its equity in favour of Fitch IBCA, the third largest international credit rating agency in the world.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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CRISIL SCRIP ON HIGH
Article Abstract:
The scrip of Credit Rating Information Services of India Ltd (Crisil) has appreciated by Rs58.50 to Rs581. The renewed interest in Crisil's scrip is attributed to the Reserve Bank of India's (RBI) decision regarding Standard & Poor's (S&P) 9.68 percent stake in the company. RBI has stated that S&P's stake does not come under the 30 percent investment limit set for foreign investors, non resident Indians and overseas corporate bodies as S&P is a co-promoter of Crisil and is not engaged in portfolio investments. The foreign stake in Crisil is around 18.63 percent now. (ag)
Comment:
Credit Rating Information Svcs reports appreciation of scrip after decision regarding 9.68% stake of this co in former, India
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CHASE BUYS OUT NATWEST's 20 PC STAKE IN HDFC BANK
Article Abstract:
Chase Manhattan Bank (CMB) of USA plans to acquire the 20 percent equity stake held by Natwest Markets of UK in HDFC Bank (HDFCB) at Rs90-100 per share. The acquisition is expected to cost Rs360- 400 crore. The stock price of HDFCB has risen to Rs68 following increase in trading. Natwest Bank plans to quit from the equity investments in Asia following financial crisis in the East Asian region. HDFCB posted a 55.9 percent increase in net profit to Rs63.1 crore on an income of Rs302.8 crore during 1997-98. (gs)
Comment:
To sell its 20% equity stake in HDFC Bank to Chase Manhattan Bank, US, at Rs90-100 per share
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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