Care Ratings has put ratings of various instruments of Punjab National Bank (PNB) under review. In an interview to CNBC-TV18, Rajesh Mokashi, MD & CEO of the company spoke at length about PNB ratings.
Dr Dogra, MD & CEO of Care Ratings, said that the alliance is particularly beneficial as JCR is among the 10 agencies recognised by the US Securities and Exchange Commission and also by few European countries.
After negotiating for bulk sale, IDBI offloaded 10 percent in CARE to LIC for Rs 421 crore. The bank's deputy MD BK Batra informed that the bank has strategic stake in various companies which are quite valuable today.
IDBI has recently sold 10 percent stake in CARE Ratings possibly to LIC which is now the largest shareholder.
The rating upgrade will help reduce Gravita India‘s interest costs on borrowings by 6 percent, says company CEO Naveen Sharma.
P Sudhakar, additional general manager, CARE Rating, says the steps taken by the company to improve its balancesheet by raising equity aids the decision to upgrade the company.
BK Batra, DMD of IDBI Bank says the timing seems right to monetize a part or its entire stake in CARE. He believes the bank can get between Rs 600 crore and Rs 700 crore for its entire shareholding.
CARE Ratings looks to strengthen its presence in the SME sector by opening additional 30-40 SME outlets, says company MD and CEO DR Dogra.
For every downgrade there have been 1.25 upgrades in Q2FY15, says DR Dogra, MD & CEO of Care Ratings
IDBI Bank was looking for over Rs 900 a share and the bids it received were below that price. IDBI Bank holds close to 17 percent in CARE and had put up its stake for sale