Live
- AIIMS adds 2 new MRI machines to provide more efficient & timely radiology diagnosis
- Ram Gopal Varma evades police questioning
- NFR's top Safety Officer missing after being swept away in Arunachal Pradesh's Lohit River
- Sensex closes up by 992 points, Adani Ports, L&T top gainers
- Heatwave driving elevated blackout risk in Australia's most populous state
- Two autopsy assistants of RG Kar arrested on extortion charges
- Tigress ‘Zeenat’ released into wild in Similipal
- Winning bypolls does not mean Karnataka govt is scam-free: BJP
- SIT and CBI Investigate Adulterated Ghee in Srivari Laddu Prasadam
- 'Hum Honge Kamyaab': MP's social awareness campaign for women's safety
SBI Cards gets Sebi's nod to float IPO
SBI Cards and Payment Services, the credit card unit of the country's largest lender State Bank of India , has received markets regulator Sebi's go ahead to float an initial public offering.
New Delhi: SBI Cards and Payment Services, the credit card unit of the country's largest lender State Bank of India , has received markets regulator Sebi's go ahead to float an initial public offering.
The company, which had filed draft IPO papers in November, obtained "observations" from the Securities and Exchange Board of India (Sebi) on February 11 latest update with the regulator showed.
As per the draft papers, SBI Cards will offer up to 130,526,798 equity shares through offer for sale route.
This will include up to 37,293,371 share sale by SBI and up to 93,233,427 shares on offer by Carlyle Group. In addition, the company will also issue fresh equity shares of Rs 500 crore. SBI holds 76 per cent in SBI Cards and rest of the stake is held by Carlyle Group.
According to market sources, the IPO size could be estimated at more than Rs 6,000 crore.
SBI Cards is the second-largest credit card issuer in India with an 18 per cent market share. Kotak Mahindra Capital, Axis Capital, DSP Merryl Lynch, Nomura Financial Advisory, HSBC Securities and SBI Capital Markets are the book-running lead managers of the issue.
