MUMBAI, Feb 20: SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI) initial public offering (IPO) will open for subscription on March 2, a statement said on Thursday. SBI Cards is the second-largest credit card issuer in India with an 18 per cent market share. IPO will close on March 5.
SBI Cards will offer up to 130,526,798 equity shares through offer for sale route. This would 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 pc in SBI Cards and rest of the stake is held by Carlyle Group. 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. (UNI)
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