Care Ratings IPO Price Band fixed between Rs. 700 and Rs. 750 per Equity Share

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.