ICICI Prudential Mutual Fund increased its stake in SBI Cards to 7.30% following a net acquisition of 21,60,916 shares on August 25, 2026.

The purchase was executed in the open market, marking a significant addition to the fund's existing portfolio position.

Acquisition Details

The mutual fund disclosed the transaction under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing indicates that the acquisition pushed the fund's total shareholding above the 2% threshold relative to its previous disclosure.

Holding Structure

Prior to this specific acquisition, the fund held 4,93,07,509 shares, representing 5.18% of the company's paid-up capital as per the last disclosure filed on April 26, 2024.

Since that previous filing date, the fund has accumulated a net total of 2,01,71,877 shares. This cumulative increase brings the total number of voting rights held by the fund to 6,94,79,386 shares.

Regulatory Context

The disclosure confirms that the holdings are maintained for investment purposes and not with the objective of seeking controlling interest. The company's total equity share capital stands at ₹9,51,61,45,080, comprising 95,16,14,508 shares of face value ₹10 each after the acquisition.

The diluted share capital is recorded at ₹9,52,00,55,540, comprising 95,20,05,554 shares.

Jefferies retained its Hold rating on SBI Cards as July spending growth moderated to 22% YoY, down from 34% in June, while overall industry spending growth slowed to 7.1%.

Key metrics from July data

The brokerage's assessment was shaped by a set of metrics reflecting a softer month for SBI Cards. Spending share declined 140 bps MoM to 19%, while card additions rose 2.7x YoY to 0.18 mn. The table below summarises the key data points covered in Jefferies' note.

What the numbers show

The moderation in spending growth from 34% in June to 22% in July points to a softer sequential performance for SBI Cards. The 140 bps MoM decline in spending share to 19% indicates the company ceded ground relative to the broader industry during the month. However, card additions rising 2.7x YoY to 0.18 mn suggests continued momentum in customer acquisition even as spending metrics softened. The industry-level spending growth of 7.1% provides the broader context within which SBI Cards' performance is set.