Carlyle will offer the shares at an indicative price band of ₹1,021 to ₹1,072.3 apiece.
On Monday, shares of SBI Cards closed at ₹1,071.70 on BSE. The shares have risen almost 26% since the start of the year.
Bank of America and Citigroup are advising Carlyle on the transaction.
This follows Carlyle selling a 5.1% stake in SBI Cards for ₹4,811 crore in June, while in March, it offloaded a little more than 4% in the credit card company for about ₹3,800 crore through block deals. The stake sales followed SBI Cards’ public listing in March last year.
Carlyle divested a 10% stake in SBI Cards for a little more than ₹7,000 crore, marking the largest private equity exit through an initial share sale in India.
SBI Cards began operations in 1998 as a joint venture with GE Capital Corp. In December 2017, GE Capital sold its 40% stake to state-run State Bank of India and Carlyle.