Indian credit ratings agency Credit Analysis & Research (CARE) has raised INR5.4 billion (approximately US$99.3 million) in an initial public offering on India’s National Stock Exchange and Bombay Stock Exchange. The company, backed by Indian private equity firms Milestone Capital Advisors and Aditya Birla Private Equity (ABPE), sold 7.2 million shares representing a 25.22 percent stake. Milestone reportedly sold shares valued at INR45 million (approximately US$827,000) during the issue, while ABPE did not sell any shares.