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Home » Private Equity » Banking/Financial Services » Sequoia Capital May Acquire 9.4% in CARE |
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Sequoia Capital May Acquire 9.4% in CARE
by Irfan Khan | March 09,2010 - 10:46 AM
Topics : Private Equity
Industries : Banking/Financial Services
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Sequoia Capital may acquire 9.4% stake in Credit Analysis and Research Ltd for about $16.15 Mn. If the deal goes through it would value the credit rating agency at $171.2 Mn(Rs 782 Cr). The shares would be purchased from the existing shareholders of the company. CARE – set up in 1993 - is a full service rating agency offering a wide range of rating and grading services across sectors. According to its website, it has completed over 6678 rating assignments having aggregate value of about Rs 19523 Bn, since its inception in 1993. Transaction Reference: ET
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Transaction Note Shareholders in CARE IDBI Bank holds 26% stake in CARE. Canara Bank and SBI holds 23.67% and 9.97% stake repectively. Other shareholders in CARE are Federal Bank, IL&FS and ING Vysya Bank. CARE has a networth on Rs 133 Cr. Crisil and ICRA are the other credit agencies in India and none of them have recieved PE funding so far. | Particulars | CARE | CRISIL | ICRA Ltd | | Income (Rs Cr) | 103.15 | 443.33 | 88.73 | | PAT | 55.37 | 150.34 | 36.15 | | Valuation | 781.91 | 3616 | 866 | The valuation for CRISIL and ICRA is the market cap. Sequoia Capital India, which was formed by the merger of Sequoia Capital and WestBridge Capital Partners in 2006, has invested in more than 40 Indian companies. It has invested in MFIs, healthcare companies, travel agencies, education and IT companies. Recently, it invested $7 Mn in July Systems and Technologies Pvt. Ltd. It’s other investment in 2010 include StoveKraft, Equitas Micro Finance, Flightraja Travels and Coastal Projects. |
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| Date | Type | Sub Type | Buyer | Size |
| CARE - Milestone Religare |
| 25/08/10 |
Private Equity |
Private Placement |
India Build-Out Fund-I |
15.99 |
| CARE - Sequoia Capital |
| 09/03/10 |
Private Equity |
Stake Sale |
Sequoia Capital India |
16.15 |
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| Fund |
| Name | Corpus | Target Sector | Website | KeyContact | Email | No |
| Sequoia Capital India |
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BFSI
Healthcare
Retail
Infrastructure |
http://www.sequoiacap.com |
Rajiv Sabharwal |
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| | | | | Mohit Bhatnagar |
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0 |
| | | | | Sumir Chadha |
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| Company |
| Name | Promoters | Office | Competitor | Website |
| Credit Analysis and Research Limited |
State Bank of India
Canara Bank
IDBI Bank Limited |
Godrej Coliseum,4th Floor,
Somoiya Hosp Road,
Off E Exp Highway,Sion(E),
Mumbai-400022. |
ICRA Limited
Crisil Limited |
www.careratings.com |
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Sequoia Capital | CARE | idbi
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| Latest DealCurry Notes |
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Symphony Service Acquires US Based CoreObjects Software
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September 09, 2010, 04:05 PM | Deeshesh Chheda
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Bangalore-based Symphony Service Corporation has acquired CoreObjects Software Inc, a Los Angeles-based new product development services provider, that specialises in bringing commercially deployable products to market.
With CoreObjects’ engineering delivery centers in Bangalore and Pune, India and its team of highly skilled full-time product engineers and deep vertical market expertise, Symphony Services will expand its offerings in the product development and embedded product development space.
This acquisition also provides Symphony Services access to additional re-usable components and frameworks for product development, including CoreObjects' Smart Objects suite of software assets designed to speed clients' products to market.
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