December
3, 2012: The initial public offering of Credit Analysis and Research Limited (Care Ratings) will open for subscription between December 7 and December 11. The Company is proposing a public offer of 7,199,700
equity shares of face value of Rs. 10 each (the “Equity Shares”) through an offer
for sale by the Selling Shareholders for cash at a price to be determined through a 100% Book Building Process
(the “Offer”). The Price Band has been fixed between Rs. 700 and Rs. 750 per Equity Share. Bids can be made for a minimum of 20 Equity
Shares and in multiples of 20 Equity Shares thereafter. The Offer will
constitute 25.22% of the post-Offer paid-up Equity Share capital of the
Company.
The Bid/ Offer period opens for
subscription on Friday, December 7, 2012, and will close on Tuesday, December 11,
2012, for all Bidders (except for Anchor Investors). The Company and the
Selling Shareholders may, in consultation with the Book Running Lead Managers,
consider participation by Anchor Investors. The Anchor Investor Bid/Offer
Period shall be one Working Day prior to the Bid/Offer Opening Date; i.e.,
Thursday, December 6, 2012, in accordance with the SEBI Regulations.
The
Offer is through the Book Building Process wherein not more than 50% of the
Offer shall be allocated on a proportionate basis to QIBs, provided that the
Company and the Selling Shareholders may allocate up to 30% of the QIB Portion
to Anchor Investors on a discretionary basis. 5% of the QIB Portion (excluding
Anchor Investor Portion) shall be available for allocation on a proportionate
basis to Mutual Funds only, and the remainder of the QIB Portion shall be
available for allocation on a proportionate basis to all QIB Bidders, including
Mutual Funds, subject to valid Bids being received at or above the Offer Price.
Further, not less than 15% of the Offer shall be available for allocation on a
proportionate basis to Non-Institutional Bidders and not less than 35% of the
Offer shall be available for allocation to Retail Individual Bidders in
accordance with the SEBI Regulations, subject to valid Bids being received at
or above the Offer Price. QIBs (other than Anchor Investors) and
Non-Institutional Bidders shall participate in the Offer through the ASBA
process providing details of the bank account which will be blocked by the Self
Certified Syndicate Banks to the extent of the Bid Amount for the same. Retail
Individual Bidders may also participate in the Offer through the ASBA process.
The
Equity Shares offered through the Red Herring Prospectus are proposed to be
listed on the BSE and the NSE. The BSE is the designated stock exchange for the
Offer.
The
Book Running Lead Managers to the Offer are Kotak Mahindra Capital Company
Limited, DSP Merill Lynch Limited, Edelweiss Financial Services Limited, ICICI
Securities Limited, IDBI Capital Market Services Limited and SBI Capital
Markets Limited.
Note: Capitalized terms used but not
defined herein shall have the meaning assigned to such terms in the Red Herring
Prospectus.
Disclaimer:
CREDIT
ANALYSIS AND RESEARCH LIMITED is proposing, subject to market conditions and
other considerations, a public offer of its Equity Shares and has filed the Red
Herring Prospectus ("RHP") with the Registrar of Companies, Mumbai,
Maharashtra. The RHP is available on the website of SEBI at www.sebi.gov.in and
on the websites of the Book Running Lead Managers at
www.investmentbank.kotak.com, www.dspml.com, www.edelweissfin.com,
www.icicisecurities.com, www.idbicapital.com and www.sbicaps.com.Investors
should note that investment in equity shares involves a high degree of risk and
for details relating to the same, see the section titled 'Risk Factors' on Page
15 of the RHP.
The
Company has not been and will not be registered under the U.S. Investment
Company Act of 1940, as amended and related rules and regulations there under
(the “US Investment Company Act”) and investors will not be entitled to the
benefits of the U.S. Investment Company Act. The Equity Shares have not been
and will not be registered under the U.S. Securities Act of 1933, as amended
(the “U.S. Securities Act”) or any other applicable law of the United States
and, unless so registered, may not be offered or sold within the United States
or to, or for the account or benefit of, U.S. Persons except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act and applicable U.S. state securities
laws. Accordingly, the Equity Shares are being offered and sold only (i)
outside the United States, to non-U.S. Persons (as defined in Regulation S
(“Regulation S”) under the U.S. Securities Act) in offshore transactions in reliance on
Regulation S; and (ii) to investors within the United States and to U.S.
Persons (as defined in Regulation S) that are both (A) “qualified institutional
buyers” as defined in Rule 144A and (B) “qualified purchasers” as defined in
Section 2(a)(51) and related rules of the U.S. Investment Company Act in
reliance on Section 3(c)(7) of the U.S. Investment Company Act. Prospective
purchasers in the United States and U.S. Persons (as defined in regulation S) are
hereby notified that our Company is relying on the exemption from the
provisions of Section 5 of the U.S. Securities Act provided by Rule 144A and
exemptions from the U.S. Investment Company Act.
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