SBI Cards mulls raising Rs 3,000 crore via debenture issue

SBI Cards and Payment Services announced on Tuesday that it intends to raise up to Rs 3,000 crore in debentures to fund business expansion.

SBI Card stated in a regulatory filing with the bourses that the board meeting on June 5, 2023, would consider and approve the proposal to raise funds through the issuance of non-convertible debentures (NCDs) totaling Rs 3,000 crore.

The company further added that fundraising will take place through a private placement in one or more tranches over a period of time.

At around 11.30 AM, SBI Cards was trading 1.61% lower at Rs 902.25, against the previous close of Rs 917.05 on NSE. The counter touched an intraday high and low of Rs 919.75 and Rs 900.50 respectively.

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