US private equity firm Carlyle’s affiliate CA Rover Holdings has sold its 5.1% stake or 48 million shares in SBI Cards and Payments Services for $649.08m (INR48.11bn).
As per the data available on exchanges, 37.42 million shares were sold for an average price of $13.52 (INR1002.2) per share and 10 million shares at $13.53 (INR1002.64) per shares.
Go deeper with GlobalData
As per the stock exchange, Morgan Stanley Asia bought 5.41 million shares for a total sum of $73.12m (INR5.42bn).
CA Rover Holdings held an 11.61% stake in SBI Cards as of 31 March 2021.
In March, it offloaded nearly 4% stake worth $513m in SBI Cards & Payment Services.
SBI Cards went public in March 2020. Shares of SBI Card fell over 4.3% on Friday to close at $13.57 (INR1005.70).
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSBI Cards and Payment Services reported a 110% rise in net profit at $23.61m (INR1.7bn) for the March 2021 quarter against $11.33m (INR840m) in the same quarter of the previous year.
SBI Card launched operations in 1998 as a joint venture between the State Bank of India and GE Capital.
In 2017, GE Capital exited the joint venture selling its 40% stake to SBI and Carlyle. Carlyle picked a 26% interest in SBI Card from GE Capital in December 2017.
In November 2020, Mastercard forged a partnership with SBI Cards & Payments Services. Under this partnership, Mastercard launched contactless payments on the SBI Card mobile app.
In the same month, Paytm partnered with SBI Card to roll out co-branded contactless credit cards.
