ICRA to enter capital market on Mar 20

New Delhi, Mar 14 (UNI) Credit rating agency ICRA Ltd will enter the capital market with an initial public offering of 25.8 lakh equity shares at a price band of Rs 275-330 per share.

The issue will enable the promoters of the company -- Moody's Group, State Bank of India (SBI), Specified Undertaking of Unit Trust of India (SU UTI) and IFCI -- to offload their stake in the company.

''The IPO is actually an offer for sale by the shareholders,'' ICRA Vice Chairman and Group Chief Executive Officer P K Choudhury told reporters here.

While SUUTI and IFCI will entirely exit the organisation, the share of SBI and Moody's will come down to 9.9 per cent and 28.5 per cent respectively from the present 11.5 per cent and 29.1 per cent.

The remaining shareholding is with 12 public sector banks including Life Insurance Corporation, Export Import Bank of India, IL&FS and HDFC.

The issue is opening on March 20 and closes on March 23. Nearly 50 per cent of the offer shall be allotted to Qualified Instituional Buyers (QIBs), 15 per cent to non-institutional bidders and 35 per cent to individual bidders.

Kotak Mahindra Capital and SBI Capital Markets are the managers for the issue.

UNI