Shares of SBI Cards and Payment Services tanked 6 per cent to Rs 984 on the 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.

In the morning trade 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.

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, fetching Carlyle Rs 3,944 crore.

Stock Covered in the news

SBI Cards and Payment Services Ltd-View Detailed Analysis