View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
  2. Deal News
April 6, 2022

Carlyle Group further dilutes stake in SBI’s credit card JV

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.

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. 

In 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.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy