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SBI Cards dips 5% as over 3% of equity changes hands via block deals on NSE

by Editor, April 5, 2022

SBI Cards dips 5%

Shares of SBI Cards and Payment Services dipped 5 per cent to Rs 836 on the National Stock Exchange (NSE) in Tuesday’s intra-day trade after over 3 per cent equity of the company changed hands at the counter via block deals.

Till 09:21 am; around 31.9 million equity shares representing 3.37 per cent equity of SBI Cards changed hands on the NSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.

As per reports, private equity firm Carlyle Group was to sell its entire stake in the company for as much as Rs 2,558 crore via block trade. CA Rover Holdings, a Carlyle entity, as of December 2021 quarter, held 29.20 million shares or 3.09 percent stake in SBI Cards. The shares were to be offered at Rs 851.50-876.75 a piece, representing around 3 percent discount to Monday’s closing price.

Earlier on September 21, 2021, CA Rover Holdings sold 32 million equity shares or 3.4 per cent stake of SBI Cards at an average price of Rs 1,021 per share on the NSE, data shows.

Meanwhile, SBI Cards has underperformed the market by falling 23 per cent in the past six months, as compared to a 1.5 per cent rise othe Nifty50 index. However, in the last one month, the stock has outperformed by gaining 14 per cent as against a 12 per cent surge in the benchmark index. The stock hit a 52-week low of Rs 712.25 on March 7, 2022.

At 09:35 am; SBI Cards traded 3 per cent lower at Rs 847.85, as compared to a 0.2 per cent decline on the Nifty50 index.

by Editor

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