Carlyle to divest 3.4% stake in SBI Cards

It may raise at least ~3,267 crore

Private equity firm Carlyle Group will divest 3.4 per cent stake in SBI Cards and Payment Services on Tuesday through a block trade.

According to a term sheet reviewed by Business Standard ,CA Rover Holdings, a subsidiary of Carlyle, has put on the block 32 million shares in the price band of ~1,021–~1,072.3 per share. Shares of SBI Cards last closed at ~1,071.7, down 0.6 per cent on the BSE.

At the lower end of the price band, Carlyle will be able to raise ~3,267.2 crore ($443 million). Bofa Securities and Citigroup Global Markets are handling the share sale.

At the time of SBI Cards’ listing in March 2020, Carlyle held 15.89 per cent stake in the credit card major. Since then, the Us-based PE has sold its holdings in several tranches.

In June 2021, the PE investor had offloaded 5.1 per cent stake to raise over ~4,800 crore at an average price of around ~1,002. In March 2021, it had divested about 4.25 per cent for ~3,940 crore.