Board of Directors of SBI Cards approve raising of Rs 1,500 crore via non-convertible debentures
During the meeting, the board of directors also approved the unaudited financial results for the June quarter, the company said in a regulatory filing.
SBI Cards and Payments Services has appointed Ashwini Kumar Tewari as firm’s new MD and CEO. His appointment will come into effect from August 1 for a period of two years.
Tewari’s appointment follows resignation of the present MD and CEO, Hardayal Prasad. He quit from the post owing to this voluntary retirement from the State Bank of India.
In a regulatory filing on Thursday, SBI Cards said, “resignation of Hardayal Prasad, Managing Director & CEO (nominated by State Bank of India) of the Company who has tendered his resignation from directorship of the Company with effect from the close of business hours of July 31, 2020, owing to his Voluntary retirement from the State Bank of India. He will also cease to be the MD &CEO of the Company from the said date.”
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Referring to Tewari’s appointment the filing said, “appointment of Ashwini Kumar Tewari as Managing Director & CEO (nominated by State Bank of India) of the company with effect from August 1, 2020 for a period of two years, subject to all the requisite approvals including approval of the shareholders at the ensuing Annual General Meeting. This is to further confirm that Tewari is not related to any of the directors of the company”.
Shares of the company on the BSE are currently trading at Rs 719.20, higher by 27.30 points or 3.95 per cent from its previous close.
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