SBI Cards declines 6% after nearly 7% equity changes hands via block deal

Topics SBI Cards | Buzzing stocks | Markets

An SBI card (Representational image)
Shares of SBI Cards and Payment Services tanked 6 per cent to Rs 984 on the National Stock Exchange (NSE) in intra-day trade on Friday after nearly 7 per cent of the company's total equity changed hands on the NSE and BSE.

At 10:26 am, the stock was trading 5.5 per cent lower at Rs 994 on the NSE. Earlier in the day, around 64 million shares, representing 6.8 per cent of the total equity of the company, changed hands on the NSE and BSE, exchanges data shows. However, the names of the buyers and sellers could not be ascertained immediately.

That said, according to reports, US-based private equity (PE) firm Carlyle planned to offload 5.1 per cent stake in SBI Cards and Payment Services. A total of 48 million shares of the credit card company were to be reportedly put on offer in the range between Rs 1,002 to Rs 1,041.3 per share --- a discount of 1 per cent and 4.7 per cent to the last closing price of Rs 1,051.7. READ MORE

As of March 31, 2021, CA Rover Holdings, a subsidiary of Carlyle Group, held 11.61 per cent stake in SBI Cards,shareholding pattern data shows.

Earlier on March 17, 2021, CA Rover Holdings had sold 4.3 per cent stake (40 million shares) in SBI Cards and Payment Services via block deals. The shares were sold at Rs 986 apiece, fetched Carlyle Rs 3,944 crore.

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