ICICI Prudential Mutual Fund raises stake in SBI Card to 7.3%
ICICI Prudential Mutual Fund has increased its stake in SBI Card to 7.3 per cent by acquiring additional shares from the open market, the credit card firm said on Thursday. The fund house has carried out the acquisition of 21,60,916 shares on August 25 through the open market, SBI Card said in a regulatory filing.
As a result, the shareholding of the fund house has increased by 2.12 per cent from the earlier level of 5.18 per cent, the credit card subsidiary of SBI added. With the acquisition, total shareholding in the card company rose to 7.3 per cent.
US firm GE was the initial promoter of SBI Credit Card when launched in 1998. There were criticism on State Bank of India, allowing US firm GE to sell its credit cards. GE exited in 2017 and another multinational company, Carlyle Group, ventured with SBI in promoting credit card.
