SBI board approves IPO of SBI Card

State Bank of India (SBI) on Thursday after market hours announced that the board has approved for divestment up to 4% in SBI Cards through an initial public offering (IPO).

“Pursuant to the applicable provision on the SEB! Regulation, we advise that the Executive Committee of the Central Board of Directors (ECCB) of the Bank at its meeting held today has accorded final approval, for divestment of SBI stake in SBI Cards up to 4% through IPO by way of offer for sale of up to 3.72cr equity shares (the "Offered Shares"), subject to the approval of the Securities and Exchange Board of India (SEBI), or Government of India, Reserve Bank of India and/or such other concerned authorities and departments,” the bank said in the press note.

Currently, SBI holds 74% and CA Rover Holdings (Group company of Carlyle) holds 26% stake in the company.

State Bank of India ended at Rs306.10 down by Rs0.45 or 0.15% from its previous closing of Rs306.55 on the BSE.

The scrip opened at Rs306.80 and touched a high and low of Rs309.35 and Rs299.85 respectively. 

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