State Bank Of India (PK) (USOTC:SBKJY)
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2 Months : From Feb 2020 to Apr 2020
By P.R. Venkat
SBI Cards and Payment Services Ltd. plans to raise as much as $1.29 billion in net proceeds through an initial public offering in India, according to a term sheet seen by The Wall Street Journal on Tuesday.
India's second-largest credit card issuer by market share is planning to sell 137.19 million shares in a price range of 750-755 Indian rupees ($10.43-$10.50) each, the term sheet shows.
State Bank of India and U.S. private equity firm Carlyle Group Inc., which are SBI's two shareholders, plan to sell part of their holdings via the IPO.
State Bank of India owns 74% of SBI Cards and Carlyle Group holds a 26% stake, a draft IPO prospectus posted on the Securities and Exchange Board of India shows.
Proceeds from the IPO will be used to build SBI Card's capital base and meet future capital needs, according to the term sheet.
Shares are expected to start trading on the Bombay Stock Exchange on Mar.16.
Bank of America Securities, HSBC and Nomura are among the banks advising SBI Card on the IPO.
Write to P.R. Venkat at email@example.com
(END) Dow Jones Newswires
February 24, 2020 20:33 ET (01:33 GMT)
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