The board of directors of Crisil ESG Ratings and Analytics Ltd. has approved the formation and subscription of a private company to serve as an industry association for ESG Ratings Service Providers.
The firm will be a wholly owned subsidiary of Crisil Ratings Ltd. and a second-level downstream subsidiary of Crisil Ltd., according to an exchange filing on the BSE.
"The subscription is subject to the formation of the company, executing necessary documentation, and meeting customary subscription-related filings and approvals," the filing said.
The proposed name of the thus formed private company is "Association of ESG Rating Providers."
Due to Crisil ESG Ratings and Analytics being limited by a guarantee, the firm guarantees to contribute an amount of Rs 25,000 to the assets of the proposed association if it is ever wound up.
Shares of Crisil rose over 1.00% to trade at Rs. 4415.85 apiece, according to data from the NSE. This compares to a 0.08% downturn in the NSE Nifty 50.
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