CA Rover Holdings, an affiliate of Carlyle Asia, offered to sell 48 million shares in a price band of Rs 1,002-1,041.30 in India’s second-biggest credit card service provider.
AgenciesShares of SBI Cards & Payment Services declined over 4.3% on Friday.
MUMBAI: Carlyle Asia Partners sold a 5.1% stake, or 48 million shares, in SBI Cards and Payment Services worth `4,811 crore through a block deal on Friday. The stock was sold in a lower price band of `1,002.33 apiece, the National Stock Exchange and BSE data on such transactions showed.
CA Rover Holdings, an affiliate of Carlyle Asia, offered to sell 48 million shares in a price band of `1,002-1,041.30 in India’s second-biggest credit card service provider.
Morgan Stanley and Goldman Sachs were the bankers to the deal. Morgan Stanley Asia, the only buyer disclosed in the NSE bulk deal data, bought 5.4 million shares worth `542 crore.
Shares of SBI Cards & Payment Services declined over 4.3% on Friday to close at `1,005.70 after hitting a low of `981.
As of March 31, CA Rover Holdings held 11.61% stake in SBI Cards and Payment Services. With the latest transaction on Friday, the private equity firm’s holding would decline to 6.51%. In March, Carlyle had sold a little over 4% stake in SBI Cards for about `3,800 crore through block deals to reduce its stake to 11.61% from 15.86%.
The Washington-based buyout group had acquired a 26% stake in SBI Cards from the GE group in 2017 for `2,000 crore, valuing the company at `7,200 crore.
Carlyle has been investing heavily in the financial services space, having backed HDFC and PNB Housing Finance. Former HDFC Bank CEO Aditya Puri has joined the fund as an advisor. In India, it is among the most aggressive PE funds, having deployed over $3 billion in the country, and a fourth of that in 2020. Last month, Carlyle sold a 4.2% stake in SBI Life Insurance Company for `4,061 crore.
Agencies
