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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.

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