SBI Card gains on raising Rs 550 cr

SBI Cards and Payment Services gained 1.03% to Rs 1039.50 after the company informed that it has raised Rs 550 crore through issuing non-convertible debentures (NCDs) on a private placement basis.

The stakeholder relationship committee of the company has approved the allotment of 5,500 fixed rate, unsecured, rated, taxable, redeemable, senior NCDs of the face value of Rs 10,00,000 each, at par, under Series 23 aggregating to Rs 550 crore on private placement basis.

The NCDs were allotted on 23 February 2021 and they will mature on 23 February 2024. The tenure of investment is three years with a coupon rate of 5.9% per annum. The announcement was made after market hours yesterday, 23 February 2021.

SBI Cards and Payment Services is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel and banking partnerships cards along with corporate cards covering all major cardholders' segments in terms of income profile and lifestyle.

The company reported a 52% fall in net profit to Rs 210 crore on a 1% decline in net total income to Rs 2,540 crore in Q3 FY21 over Q3 FY20.

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