<p>The initial public offering of SBI Cards, payment solutions subsidiary of the SBI, is expected to take place in March, according to a top company official. </p>.<p>"We are waiting for some regulatory approvals. We are on course for it. Once done, we will be giving out the details. It's likely in a few days. We are trying our best to complete it by the end of this financial year," CEO of SBI Cards Hardayal Prasad told DH. </p>.<p>SBI will be parring with only a 4% stake in its payment solutions subsidiary SBI Cards, after the latter gets listed, according to Prasad, which would mean that the lenders chief Rajnish Kumar will continue as the SBI Cards Chairman after the IPO.</p>.<p>"The SBI, even after the Initial Public Offer (IPO) will hold 70% stake in the company," the CEO of SBI Cards Hardayal Prasad told DH. The stake of the company, as a result of the IPO, would be down by only four percentage points, as the SBI currently controls a 74% stake in the SBI Cards.</p>.<p>Other than SBI, global private equity major Carlyle Group, through its subsidiary -- CA Rover Holdings -- holds a 26% stake in the payment solution firm and is looking to pare a portion of it.</p>.<p>The company plans to issue new shares worth Rs 500 crore and will offer up to 130.5 million shares for sale. </p>.<p>According to the red herring prospectus of the company, the balance sheet size of SBI cards stands at Rs 24,459.1 crore, while the equity stands Rs 4,310 crore.</p>.<p>As the digital payments witnessed traction in India, the SBI Cards saw its profits double in the first six months of the current financial year -- to Rs 1,034.6 from Rs 579.9 crore in the corresponding period last year.</p>.<p>Other than SBI Cards, the nation's largest lender controls nine other subsidiaries -- including SBI Funds, SBI Life and SBI Caps.</p>.<p>Other than inhouse SBI Caps, global banks like BofA, HSBC and Nomura along with Kotak Investment Bank, and Axis Capital are advising the company on the IPO.</p>
<p>The initial public offering of SBI Cards, payment solutions subsidiary of the SBI, is expected to take place in March, according to a top company official. </p>.<p>"We are waiting for some regulatory approvals. We are on course for it. Once done, we will be giving out the details. It's likely in a few days. We are trying our best to complete it by the end of this financial year," CEO of SBI Cards Hardayal Prasad told DH. </p>.<p>SBI will be parring with only a 4% stake in its payment solutions subsidiary SBI Cards, after the latter gets listed, according to Prasad, which would mean that the lenders chief Rajnish Kumar will continue as the SBI Cards Chairman after the IPO.</p>.<p>"The SBI, even after the Initial Public Offer (IPO) will hold 70% stake in the company," the CEO of SBI Cards Hardayal Prasad told DH. The stake of the company, as a result of the IPO, would be down by only four percentage points, as the SBI currently controls a 74% stake in the SBI Cards.</p>.<p>Other than SBI, global private equity major Carlyle Group, through its subsidiary -- CA Rover Holdings -- holds a 26% stake in the payment solution firm and is looking to pare a portion of it.</p>.<p>The company plans to issue new shares worth Rs 500 crore and will offer up to 130.5 million shares for sale. </p>.<p>According to the red herring prospectus of the company, the balance sheet size of SBI cards stands at Rs 24,459.1 crore, while the equity stands Rs 4,310 crore.</p>.<p>As the digital payments witnessed traction in India, the SBI Cards saw its profits double in the first six months of the current financial year -- to Rs 1,034.6 from Rs 579.9 crore in the corresponding period last year.</p>.<p>Other than SBI Cards, the nation's largest lender controls nine other subsidiaries -- including SBI Funds, SBI Life and SBI Caps.</p>.<p>Other than inhouse SBI Caps, global banks like BofA, HSBC and Nomura along with Kotak Investment Bank, and Axis Capital are advising the company on the IPO.</p>
