SBI Card raises ~500 cr by issuing bonds on private placement basis

SBI Cards and Payment Services (SBI Card) has raised ~500 crore by issuing bonds on a private placement basis. The stakeholders' relationship and customer experience committee of the company has approved the allotment of 5,000 fixed rate, redeemable nonconvertible debentures (NCDS) of face value of ~10 lakh each aggregating to ~500 crore on private placement basis, SBI Card said in a regulatory filing on Tuesday. The tenure of the instruments is three years, which are set to mature on August 16, 2024. SBI Card will offer a coupon rate of 5.70 per cent per annum on the bonds. Shares of the company closed 0.92 per cent down at ~1,016 apiece on BSE.