US private equity fund CA Rover Holdings, an affiliate of Carlyle Asia Partners, sold its 3.4 per cent stake in SBI Cards worth $443 million (Rs 3,267 crore) through the stock exchange platform via block deals on Tuesday.
Following the development, shares of SBI Cards and Payment Services declined 6 per cent to Rs 1,012 on Tuesday on both BSE and BSE.
The sale price was fixed at Rs 1,021 to Rs 1,072.30 a piece, which is about 5 per cent lower than Monday’s closing price of Rs 1,071.70.
Trade data on bourses suggest that the deal took place but confirmation would come only after market hours, when the bulk deal data will be out.
On BSE, more than 13 lakh shares changed hands by 10 am compared to the two-week average of 2.24 lakh shares. More than 3.65 crore shares were traded on NSE, taking the total close to 3.8 crore shares.
This is Carlyle’s third transaction in 2021. In June, the US PE fund sold a 3.98 per cent stake, or 37.4 million shares, in SBI Cards worth Rs 3,750 crore through a block deal at Rs 1,002 apiece.
Earlier in March, Carlyle sold a 4 per cent stake in SBI Cards worth $514 million or Rs 3,728 crore. As of March 31, 2021, CA Rover Holdings held a 6.50 per cent stake in the company.
The Washington-headquartered buyout group had acquired a 26 per cent stake in SBI Cards from GE group for Rs 2,000 crore in 2017, valuing the company at Rs 7,200 crore.
In early 2017, SBI hiked its stake in both the ventures to 74 per cent. Later in 2017, GE Capital sold its 26 per cent stake in SBI Cards & Payment Services to Carlyle for Rs 2,000 crore.
