Private equity firms Aditya Birla PE, Milestone Religare and Bajaj Group financial unit Bajaj Finserv have together picked up a stake of about 13 per cent in ratings agency Credit Analysis & Research Ltd (CARE).
CARE Managing Director D R Dogra today confirmed the stake sale.
“Bajaj Finserv Ltd has bought a 4 per cent stake, Milestone Religare 5 per cent and Aditya Birla PE 4 per cent,” Dogra told PTI.
While Dogra didn't disclose details about the size of the deal, he said that the latest transactions value the ratings agency at about Rs 1,500 crore.
The transactions were executed in the last two-three weeks, he said.
Dogra said the three firms bought the stake from ING Vysya, Kotak Mahindra Bank and another existing shareholder.
Dogra further said that the company has about Rs 200 crore worth of cash in hand following the stake sale.
While Dogra didn't disclose details about the size of the deal, he said that the latest transactions value the ratings agency at about Rs 1,500 crore.
The transactions were executed in the last two-three weeks, he said.
Dogra said the three firms bought the stake from ING Vysya, Kotak Mahindra Bank and another existing shareholder.
Dogra further said that the company has about Rs 200 crore worth of cash in hand following the stake sale.
Source: Business Standard