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Ascent Capital invests $3.7m in CARE Ratings

  • Mirzaan Jamwal
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Ascent Capital will invest INR250 million ($3.69 million) in Indian credit rating agency Credit Analysis and Research (CARE)

According to a regulatory filing, Ascent India Fund III will buy 446,310 shares at INR560.15 apiece through a preferential issue of shares, amounting to an approximately 1.5% stake. The price represents a 6.5% premium to the previous day's close. The deal is subject to shareholder approval.

CARE offers a range of rating and grading services and research reports across a diverse range of instruments and industries. Its revenues grew 11.55% year-on-year to INR2.08 billion in the most recent financial year, while net income rose 5.55% to INR1.14 billion.

As of June 2013, investors in the company included Goldman Sachs, Aditya Birla Private Equity, Tata Investment Corporation, IL&FS, IDBI Bank and Canara Bank.

CARE, which went public in December 2012, issued the shares to comply with the minimum capitalization requirement of $500,000 applicable to non-fund based non-banking finance companies.

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