Indian IPO

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Tuesday, March 13, 2007

ICRA IPO price band Rs 275-330

Indian credit rating firm ICRA Ltd has set a price band of 275-330 rupees a share for an initial public offering of shares that values the company at up to 3.3 billion rupees ($74 million), a banking source said on Monday.
"About 26 per cent of ICRA is being sold by current shareholders, and significant portion of it would be from IFCI," the banker said.
IFCI Ltd, a state-run term lender, would be selling around 1.86 million shares, the source said.
Current shareholders, including State Bank of India are set to sell about 2.58 million shares in total in the IPO expected later this month, the source said.
Global rating agency Moody's Investors Service, a current shareholder, was likely to hold a stake of about 28 per cent in ICRA after the IPO from 29.1 per cent now, the source said.
Kotak Mahindra Capital Co and SBI Capital Markets Ltd are the managers for the issue, the source said.

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