The board of SBI Cards and Payment Services has approved the allotment of 5,000 fixed rate, unsecured, rated, taxable, redeemable, senior, nonconvertible debentures (NCDs) aggregating to Rs 500 crore on private placement basis.
The NCDs, with a face value of Rs 10 lakh each, bear a coupon rate of 5.55% p.a. payable annually. The NCDs will be listed on the wholesale debt market segment of BSE.
"The debentures shall be redeemed at the face value on 14 June 2024 i.e. after the expiry of three years from the date of allotment i.e. 14 June 2021," SBI Cards said in an exchange filing.
SBI Cards and Payment Services (SBI Card) 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.
On a standalone basis, the credit card issuer's net profit soared 109.95% to Rs 175.42 crore on 1.68% decline in total income to Rs 2,468.14 crore in Q4 FY21 over Q4 FY20.
The scrip rose 0.41% to Rs 1082.75 on the BSE.
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