New Delhi, Sept 16: Industrial Finance Corporation of India (IFCI) on Thursady said it has no plans to divest equity in Icra but hinted at an overhaul of the credit rating agency's board in line with the new guidelines."We have no plans to divest stake in icra," IFCI chairman and managing director, PV Narasimhan said, but hinted that the rating agency may restructure its board in the near term.
Securities and Exchange Board of India (Sebi) guidelines prohibit credit rating agencies from rating instruments floated by its promoters who have an equity stake of over 10 per cent.
The guideline bars Icra from rating instruments floated by IFCI and State Bank of India (SBI) which hold 25 per cent and 11 per cent equity respectively in the former.
"Icra's business does not depend on IFCI alone," Narasimhan said in reply to a question whether current equity position affected Icra's business.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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