Home >Companies >News >SBI Cards raises 550 crore via non-convertible debentures, to offer 5.9%

The Board of SBI Cards and Payment Services on Tuesday it had raised 550 crore by issuing bonds on a private placement basis. "... we hereby inform that Stakeholder Relationship Committee of the Company has approved the allotment of 5,500 Fixed Rate, Unsecured, Rated, Taxable, Redeemable, Senior. Non-Convertible Debentures ("NCDs") of the face value of Rs. 1.000,000 each, at par, under Series 23 aggregating to Rs. 550 crores on private placement basis," SBI Cards said in the regulatory filing.

The bonds bear coupon rate of 5.9% per annum, SBI Cards said.

The bonds will be listed on the Wholesale Debt Market Segment of BSE, the company said. The tenure of the debt instruments is three years with the date of maturity as 23 February, 2024.

The principal first interest payment is scheduled on 23 February, 2022, the second interest payment will be on 23 February, 2023 and the final interest of payment will be on 23 February, 2024, the company said.

The debentures shall be redeemed at the face value on 23 February, 2024 i.e. after the expiry of three years from the date of allotment i.e. 23 February, 2021, SBI Cards and Payment Services said.

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