SBI Cards and Payment Services informed that its board is scheduled to be meet on Wednesday, 18 September 2024, to consider the proposal, for raising of funds aggregating to Rs. 5,000 crore.
The company will raise funds through issuance of non-convertible debentures (NCDs) through private placement, in one or more tranches over a period of time.SBI Cards and Payment Services is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel, and banking partnerships cards along with corporate cards covering all major cardholders' segments in terms of income profile and lifestyle. The brand has a wide base of around 18.5 MM+ cards in force.
SBI Cards and Payment Services' net profit rose marginally to Rs 594.45 crore in Q1 FY25 as against Rs 593.31 crore in Q1 FY24. Total income increased 10.8% YoY to Rs 4,482.59 crore in June 2024 quarter.
The scrip rose 0.74% to close at Rs 802.15 on Thursday, 12 September 2024.
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