New Delhi, Feb 25 (IANS): The IPO Committee of SBI Card has set the price band for its initial public offering (IPO) in the range of Rs 750-755 per equity share.

In a regulatory filing, State Bank of India late on Monday evening said that a discount of Rs 75 per share will also be offered to the "eligible employees".

"State Bank of lndia has been informed by SBI Cards that the IPO Committee of SBI Cards in consultation with the Book Running Lead Managers have finalised the price band to range between Rs 750 and Rs 755 per equity share. An employee discount of Rs 75 per equity share will be offered to eligible employees in accordance with the terms and conditions stipulated in the Red Herring Prospectus dated February 18, 2020," it said.

Further, the IPO Committee has finalised the bid lot for the offer at 19 equity shares and in multiples of 19 equity shares thereafter.

SBI Cards will launch its IPO on March 2 to raise about Rs 9,000 crore. The proceeds are to be used by the parent SBI to enhance credit growth.

The IPO comprises a fresh equity issue worth Rs 500 crore and an offer for sale of up to 130,526,798 equity shares. This will include up to 37,293,371 share sale by SBI and up to 93,233,427 shares on offer by Carlyle Group, the company said in its prospectus.

The bidding process will close on March 5.

SBI Cards is second-largest credit card issuer in India, with an 18 per cent market share.