SBI Card Raises Rs 500 Crore Through Bonds

SBI Cards and Payment Services (SBI Card) has raised Rs 500 crore by issuing bonds on a private placement basis.

The pure-play credit card issuer said it allotted 5,000 fixed rate, unsecured, taxable and redeemable bonds on Thursday, in the nature of non-convertible debentures of Rs 10 lakh each aggregating to Rs 500 crore.

The tenure of the bonds is three years and is set to mature on September 15, 2025.

The bonds bear a coupon of 7.39 per cent per annum.

On Thursday, shares of SBI Card closed flat at Rs 958.20 apiece on the BSE.