LIC acquires 9.9 pc stake in CARE

Country's largest insurer LIC has picked up 9.9 per cent stake in rating agency CARE for about Rs 428 crore. LIC acquired 28,82,136 shares of the rating agency through a bulk deal, CARE said in a BSE filing. With the acquisition, LIC has got 9.9 per cent stake in the company. The transaction happened yesterday. Shares of CARE closed at Rs 1487.55 per unit yesterday. Its scrips today closed at Rs 1524.90 per unit, up 2.51 per cent. CARE Ratings commenced operations in April 1993.