SBI Cards is making news today but not very good news; the stock opened 2% lower at Rs.859.80 and went down to an intraday low at Rs.835.45, decline of almost 5%.

The over 115-times spurt in volumes tells the reason – PE fund, Carlyle Group is selling its entire stake in the company through a block deal for Rs.2,558 crore.

CA Rover Holdings, a Carlyle entity which, as of December 2021, held 2.92 crore shares or 3.09% stake in SBI Cards.

SBI Cards began its operations in 1998 as a JV with GE Capital and Carlyle bought GE’s 26% stake in 2017 for Rs.2000 crore. Carlyle sold some part of its stake in the IPO in 2020 after which it consistently sold and now with this, its made a complete exit.

Bloomberg reported that shares are being offered between Rs 851.50 and Rs 876.75 apiece—a discount of nearly 2.9% to Monday’s closing price.