SBI Cards and Payment Services has raised Rs 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 non-convertible debentures (NCDs) of face value of Rs 10 lakh each aggregating to Rs 500 crore on private placement basis.
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.
SBI Cards and Payment Services is a payment solutions provider in India.
