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

31 May 2023 , 11:33 AM

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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