Private equity major Carlyle group on Friday sold shares worth over Rs 4,800 crore in SBI Cards and Payment Services and its nominee stepped down from the company’s board.

CA Rover Holdings (CARH), a subsidiary of Carlyle group, offloaded more than 4.7 crore shares of SBI Cards and Payment Services Ltd (SBI Card) worth about Rs 4,811 crore through open market transactions on the BSE and the NSE.

With the latest sale of shares, the group’s shareholding in the company fell below 10 per cent, following which its nominee director on SBI Card’s board — Sunil Kaul — stepped down.

According to SBI Card’s Articles of Association, CARH’s right to nominate a director was subject to its shareholding being at least 10 per cent. At the end of March 2021, CARH held 11.61 per cent stake in SBI Card.

CARH offloaded 1.05 crore shares of the company through a bulk deal valued at Rs 1,061.15 crore on the BSE. Besides, it sold more than 3.74 crore shares on the NSE through a separate bulk deal worth Rs 3,749.81 crore, according to exchange data.

On Friday, shares of the company declined 4.30 per cent to Rs 1,005.7 apiece on BSE and 4.16 per cent to Rs 1,008 on the NSE.