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SBI Cards and Payment Services, the credit card unit of the country's largest lender State Bank of India (SBI), has received markets regulator Sebi's go ahead to float an initial public offering.
The company, which had filed draft IPO papers in November, obtained "observations" from the Securities and Exchange Board of India (Sebi) on February 11 latest update with the regulator showed.
Sebi's observations are necessary for any company to launch public issues including initial public offer, follow-on public offer and rights issue.
As per the draft papers, SBI Cards will offer up to 130,526,798 equity shares through offer for sale route. This
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