SBI Cards plans to raise ₹5,000 Crore via NCDs

18 Sep 2024 , 03:03 PM

SBI Cards and Payment Services Ltd. plans to raise ₹5,000 Crore through the sale of non-convertible debentures. The company stated that funds will be raised through private placement in one or more tranches over a set time period.

SBI Cards shares were trading 1.02% lower at ₹784.35 today. The stock climbed to an intraday high of ₹795.20. SBI Cards shares are trading below their 5-day and 10-day moving averages.

The stock has dropped 4% in the previous 12 months and 2% since the beginning of 2024. The company’s market capitalisation stands at ₹74,529 Crore.

“The company’s Board of Directors approved raising money by issuing Non-Convertible Debentures (NCDs) of ₹5,000 Crore in one or more tranches on a private placement basis, ” said the company in a filing.

SBI Cards and Payment Services Limited is a systemically important non banking financial organisation that does not accept deposits and is registered with the RBI. The company issues credit cards to consumers in India. It is headquartered in Gurgaon, Haryana. It is a subsidiary of India’s biggest commercial bank, State Bank of India.

At around 2.33 PM, SBI Cards was trading 1.36% lower at ₹781.70, against the previous close of ₹792.45 on NSE. The counter touched an intraday high and low of ₹795.20, and Rs 780.65, respectively.

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