CARE Ratings Limited at its board meeting held on March 19, 2024, have inter alia approved incorporation of wholly-owned subsidiary in GIFT City, Gujarat, subject to Regulatory approvals. The name of the wholly-owned subsidiary proposed to be incorporated is "CareEdge Global IFSC Limited" or any other name as may be approved by the relevant statutory authorities. The proposed company will carry out the business of Global Scale Ratings of Securities, Sovereign Ratings, sub- Sovereign ratings, Research, and any other activity allowed by Regulators.

The proposed company would require approvals from International Financial Services Centres Authority (IFSCA) and SEZ Authorities - GIFT City and any other Regulator as may be required. Incorporation of new company will be tentatively completed by June 30, 2024. The Company will invest INR 300 million as an initial equity share capital in the proposed company.

cost of acquisition and/or the price at which the shares are acquired; At Face Value i.e. INR 10/- per share. percentage of shareholding /control acquired and /or number of shares acquired; 100% by CARE Ratings Limited.