SBI plans to sell 14% stake in card unit’s IPO, raise Rs 8,000 crore
SBI Cards is a joint venture where SBI owns 74 per cent. State Bank of India (SBI) plans to raise about Rs 8,000 crore by selling a minority stake in the initial share sale of SBI Cards, a company that has also turned out to be a multi-bagger for the lender’s privateequity partner in the business – Carlyle. “State Bank of India has initiated the process to sell 14 per cent stake in SBI Cards and is looking to raise Rs 8,000 crore through the public issue, valuing the company at Rs 57,000 crore,” said a source close to the development. “Both SBI and Carlyle will sell stakes in the IPO.” SBI Cards is a joint venture where SBI owns 74 per cent. Buyout firm Carlyle, which owns the remaining 26 per cent, will likely sell a part of its holding in the upcoming IPO. Back in 2017, when Carlyle joi ...