SBI Card share price falls 3% as Carlyle sells 4% stake via block deal

Stocks

The SBI Card stock had touched an intraday high of Rs 1,008 and an intraday low of Rs 977.20, at the time of writing this copy.

SBI Card | The board approved raising up to Rs 2,000 crore by issuing bonds.

SBI Card | The board approved raising up to Rs 2,000 crore by issuing bonds.

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SBI Cards & Payment Services share price fell over 3 percent in the morning trade on March 17 after private equity firm Carlyle launched a block deal to sell around 4 percent stake in the firm.

Private equity firm Carlyle is selling the stake in the country’s second largest credit card firm for around $ 513 million, according to a deal term sheet viewed by Moneycontrol.

The offer price range is Rs 981.80/share to Rs 1,022.10/share (the upper end reflecting a 3.94 percent discount to the closing price of Rs 1,022.1 on March 16), as per the term sheet. BofA Securities is the sole bookrunner to the transaction.

Carlyle held 15.86 percent stake in SBI Cards and Payment Services at the end of trade on March 16, 2021. SBI Cards and Payment Services hit the markets in March 2020 with a mega $ 1.6 bn IPO.

Moneycontrol could not connect with Carlyle & SBI Cards & Payment Services for an immediate comment.

The stock was trading at Rs 985.70, down Rs 36.40, or 3.56 percent at 09:37 hours. It has touched an intraday high of Rs 1,008 and an intraday low of Rs 977.20.

The scrip also witnessed spurt in volume by more than 655.12 times and was trading with volumes of 46,971,694 shares, compared to its five day average of 75,313 shares, an increase of 62,268.31 percent.

In a recent board meet, SBI Cards had approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to Rs. 2,000 Crores in one or more tranches over a period of time.

SBI Cards and Payment Services hit the market in March 2020 with a mega $ 1.6-billion IPO.