The company is planning to raise upto Rs 2,000 crore though issue of non-convertible debentures (NCDs) in one or more tranches.
In a regulatory filing during market hours today, SBI Cards said, "A meeting of the board of directors of the company is scheduled to be held on Friday, 12 March 2021, to consider and approve raising of funds by way of issuance of Non-Convertible Debentures (NCDs), aggregating to Rs 2,000 crore in one or more tranches over a period of time."Last month, the credit card company informed that it has raised Rs 550 crore through issuing non-convertible debentures (NCDs) on a private placement basis. The NCDs were allotted on 23 February 2021 and they will mature on 23 February 2024. The tenure of investment is three years with a coupon rate of 5.9% per annum.
Shares of SBI Cards were trading 1.2% higher at Rs 1071.15 on BSE.
SBI Cards and Payment Services is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients.
The company reported a 52% fall in net profit to Rs 210 crore on a 1% decline in net total income to Rs 2,540 crore in Q3 FY21 over Q3 FY20.
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