Mumbai: US private equity fund CA Rover Holdings, an affiliate of Carlyle Asia Partners is looking to sell 4% stake in SBI Cards worth $514 million (Rs 3728 crore) through a block deal on Wednesday, according to a term sheet issued by the sole book runner BofA Securities.
The sale price has been fixed at Rs 981.80 to Rs 1,022.10 apiece, upto 3.9% discount to Tuesday’s closing price of Rs 1022. As of December 31, 2020, CA Rover Holdings held 15.86% stake in the company.
SBI Cards-India’s second largest credit card firm launched its maiden initial public offer (IPO) in March last year. Carlyle Group, which acquired a 26% stake in
Cards from the GE group for Rs 2000 crore in 2017, sold 10% during the IPO for Rs 7000 crore and made a windfall gain of 8.5 times in 3 years.
Shares of SBI Cards have rallied 35% from its IPO price of Rs 755. The Carlyle Group which is now selling 4% for Rs 3,728 crore still holds 11% stake currently valued at Rs 10,574 crore.
