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Business News/ Industry / Banking/  SBI Cards to raise up to 2,000 crore through issuance of debt securities
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SBI Cards to raise up to ₹2,000 crore through issuance of debt securities

The funds will be raised in one or more tranches over a period of time, SBI Cards said

India’s largest credit card company, SBI Cards, is encouraging customers to avail of its own repayment plan.mint (MINT_PRINT)Premium
India’s largest credit card company, SBI Cards, is encouraging customers to avail of its own repayment plan.mint (MINT_PRINT)

SBI Cards and Payment Services Ltd (SBI Card) on Monday said it plans to raise up to 2,000 crore through the issuance of debt securities in one or more tranches.

A meeting of the board of directors of the company is scheduled to be held on Friday (March 12) to consider and approve raising of funds by way of issuance of non-convertible debentures, aggregating to 2,000 crore, SBI Card said in a regulatory filing.

The funds will be raised in one or more tranches over a period of time, it said.

On 23 February, the board of SBI Cards and Payment Services said 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.

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Published: 08 Mar 2021, 03:30 PM IST
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