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CARE shares surge 16% after block deal

LiveMint logoLiveMint 29-06-2017 Ravindra N. Sonavane

New Delhi: Credit Analysis and Research Ltd (CARE) on Thursday witnessed a block deal, in which around 2.6 million shares or 8.8% stake of the company changed hands. However, details of buyers and sellers were not known.

Following this, the shares of CARE surged as much as 16.2%, its maximum gain since its listing day and touched a high of Rs1,660 apiece—a level last seen on 3 April. The stock got listed in December 2012.

Suresh Pai, assistant general manager at Canara Bank, confirmed in a conversation with CNBC TV that the bank has sold its entire stake in the company and raised around Rs400 crore. As of March 2017, Canara Bank held 8.9% stake in the bank.

CRISIL Ltd has bought the entire stake in CARE at Rs1,659.79 a share, the CNBC TV report added.

Canara Bank rose 3.2% to Rs335.80, while CRISIL rose 1% to Rs1,940. India’s benchmark Sensex index rose 0.6% to 31,029.29 points.

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