CA Rover Holding, a US-based private equity fund and an affiliate of PE (Private Equity) major Carlyle Group, is planning to offload a 5.1% stake in SBI Cards and Payment Services for around Rs 5,000 crore ($682 million).
The stake sale will be done through a block deal, The Economic Times reported.
A total of 48 million shares of the sole listed credit card issuer in India will be on offer and will range between Rs 1,002 to Rs 1,041.30 per share - which is up to a 4.7% discount to the last closing price of Rs 1,051.7 on the National Stock Exchange on Thursday.
At the end of the March quarter, CA Rover Holdings held an 11.61% stake in SBI Cards and Payment Services.
The Carlyle arm has reportedly mandated Goldman Sachs and Morgan Stanley to execute the deal on Friday.
This is the second block deal in SBI Cards and Payment Services in 2021. In March, Carlyle had offloaded a little over 4% stake in the credit card company for around Rs 3,800 crore via block deals to pare its stake to 11.61% from 15.86%.
Carlyle Group had acquired a 26% stake in SBI Cards and Payment Services from the GE Group in 2017 for Rs 2,000 crore, valuing the company at Rs 7,200 crore.
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