Pari Washington India Master Fund, Ltd. has filed a disclosure under SEBI regulations regarding the substantial reduction of its shareholding in icra Limited. The fund sold 145,400 shares through open market transactions, significantly reducing its stake in the credit rating agency.

Transaction Details

The share sale transaction presents the following key parameters:

Shareholding Changes

The transaction resulted in a notable change in Pari Washington's ownership structure in ICRA Limited:

Regulatory Compliance

The disclosure was made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing identifies two entities involved in the transaction:

• Pari Washington India Master Fund, Ltd. (PWIMF) - Primary Acquirer
• Pari Washington Investment Fund (PWIF) - Person Acting in Concert (PAC)

Both entities are confirmed as non-promoter entities in relation to ICRA Limited.

Company Information

ICRA Limited maintains its listing status on major Indian stock exchanges, with shares traded on both the Bombay Stock Exchange and National Stock Exchange. The company's total equity share capital remains stable at 9,651,231 shares before and after the transaction.

The disclosure was signed by Ms. Dilshaad Banu Mustapha Hammaad Rajabalee Ruhomally, serving as the Authorised Signatory for Pari Washington India Master Fund, Ltd., from Mauritius. The transaction represents a strategic portfolio adjustment by the Mauritius-based investment fund while maintaining a significant minority stake in the Indian credit rating company.

ICRA Limited has received formal disclosure from Nippon India Mutual Fund regarding substantial share acquisition under SEBI Takeover Regulations, as communicated to stock exchanges on April 9, 2026.

Strategic Acquisition by Nippon India Mutual Fund

Nippon India Mutual Fund, operating through Nippon Life India Trustee Limited, has substantially increased its stake in ICRA Limited through systematic open market purchases conducted between July 8, 2025, and April 7, 2026. The acquisition represents a strategic investment move by the institutional investor.

The mutual fund does not belong to the promoter or promoter group category and acquired shares entirely through equity shares carrying voting rights, with no involvement of warrants, convertible securities, or encumbered shares.

Regulatory Compliance and Disclosure

The acquisition was disclosed in compliance with Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The formal disclosure was submitted to both the National Stock Exchange of India Limited and BSE Limited through proper regulatory channels.

Company Share Capital Structure

ICRA Limited's equity share capital structure remained unchanged throughout the acquisition period, maintaining stability in the overall shareholding framework.

Market Impact and Institutional Interest

The acquisition demonstrates continued institutional confidence in ICRA Limited's business prospects. Nippon India Mutual Fund's decision to increase its exposure through systematic market purchases over an extended period indicates a strategic long-term investment approach. The fund house completed the acquisition through open market transactions, ensuring price discovery through regular market mechanisms.

The disclosure was communicated by ICRA's Company Secretary and Compliance Officer, maintaining transparency with stakeholders and regulatory authorities. This shareholding change reflects active portfolio management by institutional investors in the credit rating agency sector.