SBI Card Board approves raising Rs 1,500 cr via non-convertible debentures

These funds may be raised in one or more tranches, the company said

The Board of SBI Cards and Payment Services has approved raising of Rs 1,500 crore by issuance of non-convertible debentures (NCD) in one or more tranches over a period of time.

The Board of Directors approved the proposal in its meeting on Monday.

In a regulatory filing on Monday, SBI Card said that its board "approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to Rs 1,500 crores in one or more tranches over a period of time."

For the first quarter (April-June) of financial year 2020-21, the SBI Cards and Payment Services on Monday reported a nearly 14