ICRA enters capital market on Mar 20, Price band fixed at 275-330

Mumbai, Mar 12 (UNI) Investment Information and Credit Rating Agency (ICRA) of India Ltd is entering the capital market on March 20 with a public offering of 2,581,100 equity shares of Rs ten each for cash at a price to be decided through a 100 per cent book process.

The price band for the issue has been fixed between 275 and Rs 330 per equity shares. The issue closes for subscription on March 23. The equity shares of the Company are proposed to be listed on NSE and BSE.

Company Vice Chairman P K Chaudhary told reporters,''The object of the offer is to achieve the benefits of listing on the Stock Exchanges to carry out the sale of upto 2581,100 equity shares by our selling shareholders. We believed that listing will enhance our brand name and provide liquidity to our existing shareholders and our employees who would be alloted equity shares under ESOP scheme.'' Listing will also provide a public market for our equity shares in India. The Company has three wholly owned subsidiaries- ICRA Management consultancy Services Ltd, ICRA Techno Analytics Ltd and ICRA online Ltd. ICRA Online, to complement its information services business also provides technology solutions targeted at distributors of third party financial products, insurance brokers and stock broking houses, he added.

UNI