CARE receives approval to hike FII limit to 74%

Credit Analysis & Research (CARE) has received an approval from the Reserve Bank of India (RBI) to increase FII shareholding limit up to 74% of the paid up capital of the company. Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 74% of the paid up capital of CARE under the Portfolio Investment Scheme (PIS). As of March 31, 2014, FII shareholding in the company stood at 15.66%. CARE is a second largest full service credit rating company in India, offering rating and grading services across a diverse range of instruments and industries including IPO grading, equity grading, and grading of various types of enterprises, including shipyards, maritime training institutes, construction companies and rating of real estate projects, among others.