Shares of SBI Cards and Payment Services declined up to 4.4 per cent to Rs 977 on the BSE in the intra-day trade on Wednesday after over 40 million equity shares changed hands via block deal. At 09:15 am, around 41.89 million equity shares, representing 4.5 per cent of total equity of SBI Cards and Payment Services, changed hands on the counter on the BSE, exchange data shows. The names of the buyers and sellers, howver, could not be ascertained immediately. According to reports, US private equity fund CA Rover Holdings, an affiliate of Carlyle Asia Partners, is looking to sell 4 per cent stake in SBI Cards and Payment Services worth $514 million or Rs 3,728 crore through a block deal. The sale price has been fixed at Rs 981.80-1,022.10 apiece, down 3.9 per cent than Tuesday s closing price of Rs 1,022.
Carlyle sells 4 crore shares in SBI Card in bulk deal
March 17, 2021
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CA Rover Holdings (Carlyle Group) on Wednesday sold 4 crore shares in SBI Card, the country’s largest pure-play credit-card issuer, at a price of ₹985.90 per share.
The transaction was put through the bulk-deal window of the stock exchanges, and the total sale value was estimated at about ₹3,944 crore. The name of the buyer could not be ascertained. Private equity firm Carlyle held 15.86 per cent stake in SBI Card as of March 16.
In 2017, it had acquired a 26 per cent stake in SBI Card from GE Capital group for ₹2,000 crore. It had also made a partial exit in the SBI Card IPO that hit the market in 2020.
Carlyle to sell 4% in SBI Cards for Rs 3,900 crore
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Carlyle to sell 4% in SBI Cards for Rs 3,900 crore
Partha Sinha / TNN / Updated: Mar 17, 2021, 14:35 IST
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MUMBAI: CA Rover Holdings, an arm of global PE giant Carlyle, is selling about 4% stake in SBI Cards & Payment Services for up to Rs 3,900 crore, translating into a little over $500 million, through block deals on Wednesday.
The Carlyle arm has mandated Bank of America Securities to sell about 3.8 crore shares at a price band of Rs 982-1,022 per share, the deal’s term sheet showed.
On Tuesday, SBI Cards’s stock on the BSE ended at Rs 1,022. At the lower end of the price band, the shares could be sold at a 3.9% discount to the scrip’s closing price.
CA Rover Holdings on Wednesday divested 4.25 per cent stake in SBI Cards and Payment Services Ltd for Rs 3,943 crore through an open market transaction. According to the bulk deal data available on the BSE, four crore shares of SBI Cards were offloaded by CA Rover Holdings at an average price of Rs 985.98 apiece. This translates to a deal value of Rs 3,943.92 crore. CA Rover Holdings is a subsidiary of Carlyle Group. On Wednesday, shares of SBI Cards settled 4.44 per cent lower at Rs 976.75 apiece on the BSE. As per the company s shareholding pattern, CA Rover Holdings held 15.86 per cent stake in SBI Cards as a public shareholder at the end of December 2020.
The sale price has been fixed at Rs 981.80 to Rs 1,022.10 apiece, upto 3.9% discount to Tuesdays closing price of Rs 1022. As of December 31, 2020, CA Rover Holdings held 15.86% stake in the company.