SBI CARDS IPO UPDATES
The Securities and Exchange Board of India (SEBI) has given its in-principle approval for the initial public offering (IPO) of SBI Cards and Payment Services, a subsidiary of the country's largest lender state bank of India.
The company is likely to raise approximately Rs 5,500-6,000 crore through its IPO, sources said, adding that the IPO would value the company at approximately Rs 55,000-60,000 crore.
SBI Cards is likely to launch its IPO towards the end of February.
SBI Cards intends to use the proceeds of the fresh issue for augmenting its capital base to meet future capital requirements.
State Bank of India holds a 74 percent stake in SBI Cards and the rest is held by CA Rover Holdings, an affiliate of Carlyle Asia Partners IV.