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Credit rating agency Crisil has purchased 26,22,430 equity shares in domestic rival CARE Ratings Ltd (CARE), representing 8.9 per cent of its equity share capital.
The investment has been made pursuant to a bid process conducted by Canara Bank, subsequent to their request for quotation issued on June 19, 2017.
"This investment in the equity of CARE has no special rights and is in compliance with applicable rules and regulations," Crisil said in a statement. It, however, did not disclose the price at which it purchased the stake.
CARE is a SEBI-registered credit rating agency and is listed on the BSE and NSE.
Crisil said it continuously evaluates investment options as a part of its corporate strategy.
"This stake purchase is an investment in the excellent long-term prospects of the credit rating sector in the country. The prospects for the sector are driven by the significant demand for capital investments and infrastructure financing in India over the long term, much of which should benefit the sector," it added.
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