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Tuesday, August 08, 2006

ICRA files DRHP with Sebi

ICRA, one of India’s leading credit agencies, has filed its draft red herring prospectus, DRHP with the Securities and Exchange Board of India, Sebi for an offer for sale of 25.81 lakh equity shares of Rs 10 each for cash at a price to be decided through the book building process.

The offer for sale is by IFCI, State Bank of India and Administrator of the Specified Undertaking of Unit Trust Of India, as per press release.

The offer constitutes 25.81% of the fully diluted post-offer capital of ICRA.

50% of the offer is reserved for qualified institutional buyers, QIBs and 15% of the offer is reserved for non-institutional investors. 35% of the offer is reserved for retail investors.

ICRA is primarily engaged in the business of providing rating services. In addition, ICRA, along with its subsidiaries, provides consulting services, information technology based services, information services, and outsourcing services.

The equity shares have proposed to be listed on the NSE and the BSE.

SBI Capital Markets and Kotak Mahindra Capital Company have been appointed as the book running lead managers for the offer for sale.

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