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Published on 29/02/2020 12:04:07 PM | Source: Live Mint

SBI Cards raises ₹2,769 cr from anchor investors

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New Delhi: SBI Cards and Payment Services has raised ₹2,769 crore from 74 anchor investors, ahead of its initial share sale starting on March 2.

Anchor investors are institutional investors who are offered shares in an initial public offering (IPO) ahead of its opening.

Singapore government, Monetary Authority of Singapore, HDFC Mutual Fund, Government Pension Fund Global and Birla Mutual Fund, are among the anchor investors.

Shares have been allotted at the offer's upper price band of ₹755 a piece, as per a regulatory filing.

There are 12 mutual funds among the 74 anchor investors, who have been allocated 3,66,69,589 shares and its value stood at ₹2,768.55 crore.

The price band for the share sale -- which would be open from March 2 to 5 -- has been fixed at ₹750-755 apiece.

SBI Cards expects to raise around ₹9,000 crore through the IPO.

As per draft paper for the IPO, SBI Cards would offer up to 130,526,798 equity shares through an offer-for-sale route. This would include offloading of up to 37,293,371 shares by SBI and 93,233,427 scrips by Carlyle Group.

In addition, the company would issue fresh equity shares worth ₹500 crore.

SBI holds 76 per cent in SBI Cards and the rest of the stake is held by Carlyle Group.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.