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Report: India's SBI Cards and Payment to raise 80B rupees in IPO

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Report: India's SBI Cards and Payment to raise 80B rupees in IPO

State Bank of India unit SBI Cards and Payment Services Pvt. Ltd. plans to raise approximately 80 billion rupees in an IPO of a roughly 8% sake in 2019, Reuters reported, citing a senior executive of the state-run lender involved in the process.

The potential offering is expected to value the unit at approximately 1 trillion rupees. State Bank of India had already hired banks to manage the offering, and expects a listing of the unit in the final quarter of the current financial year, the Aug. 29 report added.

SBI Cards and Payment and State Bank of India did not immediately respond to Reuters' requests for comment.

State Bank of India holds a 74% stake in the unit, while U.S.-based private equity firm Carlyle Group LP owns the remaining 26% stake. The credit-card company held total assets of approximately 195.93 billion rupees as of March 31.

As of Aug. 29, US$1 was equivalent to 71.71 Indian rupees.