Carlyle to sell SBI Cards stake worth ₹3,730 crore
- As of 31 December, Carlyle held a 15.86% stake in the credit card company
- The stake sale comes a year after SBI Cards went public in March 2020
Mumbai: American private equity firm Carlyle Group will sell SBI Cards & Payments Services Ltd (SBI Cards) stake worth as much as Rs3,730 crore or $513 million through a block deal, according to deal terms seen by Mint.
CA Rover Holdings, a Carlyle entity, will sell 38 million or 4% stake to institutional investors. As of 31 December, Carlyle held a 15.86% stake in the credit card company.
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Bank of America is advising Carlyle on the share sale.
The shares are being offered in a price range of Rs981.80 – Rs1,022.1 per share. At the lower end of the price range the share sale will fetch Carlyle $513 million.
On Tuesday, SBI Cards shares closed at ₹1,022.1 per share on the BSE.
The stake sale comes a year after SBI Cards went public in March 2020. Carlyle had sold a 10% stake for a little over Rs7,000 crore, the largest private equity exit through an initial public offering (IPO) in the Indian stock markets.
SBI Card started operations in 1998 as a joint venture with GE Capital Corp. In December 2017, GE Capital sold its 40% stake to state-run SBI and Carlyle.
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