New Delhi: SBI Cards and Payment Services Ltd has received a green signal from capital markets regulator Securities and Exchange Board of India (SEBI) for an initial public offering or IPO.
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 an 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.