American private equity firm Carlyle Group has diluted its stake in SBI Cards & Payments Services in a block deal worth $294.84m.
The data on the National Stock Exchange shows that CA Rover Holdings, a unit of Carlyle Group, sold more than 26.17 million shares or a 2.78% stake priced at INR852 ($11.27) apiece.
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The names of the buyers were not immediately known.
As of December 2021 quarter, CA Rover Holdings held a 3.09% stake in SBI Cards.
Leading Indian lender State Bank of India (SBI) launched SBI Card in 1998 along with GE Capital.
In 2017, Carlyle acquired a 26% stake in the joint venture from GE Capital.
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By GlobalDataIn March 2020, when SBI Card launched its initial public offering, Carlyle sold a 10% stake in it.
Following SBI Cards’ IPO, Carlyle has gradually diluted the remaining stake.
In March 2021, it had offloaded a 4% stake in the JV, which was followed by a sale of a 3.4% stake.
In August 2021, Carlyle Group decided to exit SBI Life Insurance Company by selling its 1.9% stake.
SBI Life is a joint venture between SBI and BNP Paribas Cardiff.
Last month, the Economic Times reported that the private equity firm is looking to acquire a 10% stake in Indian private lender, Yes Bank.
Carlyle could pay up to $600m for the stake in Yes Bank, which is looking to raise growth capital of up to $1.5bn.
