SBI Card raises Rs 550 crore through private placement of bonds

State-run lender State Bank of India has a significant stake in SBI Card

SBI Cards and Payment Services (SBI Card) on Tuesday said it had raised Rs 550 crore by issuing bonds on a private placement basis.

The Stakeholder Relationship Committee of the company has approved the allotment of 5,500 non-convertible debentures aggregating to Rs 550 crore on private placement basis, SBI Card said in a regulatory filing.

The tenure of the bonds is three years with a maturity date of February 23, 2024.

The coupon rate on the bonds is fixed at 5.90 per cent per annum.

SBI Card stock closed 0.91 per cent higher at Rs 1,028.95 apiece on BSE.