Credit Analysis & Research (CARE) said Tuesday the company's Mauritius based subsidiary CARE Ratings (Africa) has received license to operate as credit rating agency in Mauritius.

The Mauritian regulator, Financial Services Commission (FSC) on May 7, 2015 accorded its approval for a Credit Rating Agency licence under Section 14 of the Financial Services Act, 2007 to CARE Ratings (Africa).

Shares of the company declined Rs 5.35, or 0.35%, to settle  at  Rs 1,542.00.  The total volume of shares traded  was  1,580 at  the BSE (Tuesday).