SBI Cards stock price falls 3% on CA Rover Holdings plan to sell 3.2 crore shares

#Buzzing Stocks, #SBI Cards, SBI Cards & Payment Services

SBI Cards & Payment Services share price was down over 3 percent intraday on September 21 following reports that CA Rover Holdings, an affiliate of Carlyle Asia, would sell 3.2 crore shares.

Private equity firm Carlyle Group will nearly halve its stake in SBI Cards and Payment Services Ltd for $443 million, or Rs 3,267.2 crore, according to a Mint report.

CA Rover Holdings, a Carlyle entity, which as of June 30 held a 6.5 percent stake in the credit card issuer, will sell around 32 million shares, or a 3.4 percent stake, in the company through a block trade.

Carlyle will offer the shares at an indicative price band of Rs 1,021 to Rs 1,072.3 apiece. Bank of America and Citigroup are advising Carlyle on the transaction.

The stock was trading at Rs 1,030, down Rs 41.70, or 3.89 percent. It has touched an intraday high of Rs 1,034 and an intraday low of Rs 1,012.

The scrip was trading with volumes of 1,351,996 shares compared to its five-day average of 359,022 shares, an increase of 276.58 percent.

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