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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.

SNS Web | New Delhi |

The Board of Directors of SBI Cards and Payment Services Ltd. has approved raising of funds by way of issuance of non-convertible debentures (NCD) aggregating to Rs 1,500 crore in one or more tranches over a period of time.

The decision was taken during a board meeting held on Monday.

During the meeting, the board of directors also approved the unaudited financial results for the June quarter, the company said in a regulatory filing.

Along with this, they also agreed on the appointment of Chandrasekaran Associates, company secretaries of the secretarial auditors of the company for FY 2020-21.

In the regulatory filing on Monday, SBI Card said that the board of directors “approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to Rs 1,500 crores in one or more tranches over a period of time.”

For the first quarter (April-June) of financial year 2020-21, the SBI Cards and Payment Services on Monday reported a nearly 14 per cent rise in its net profit at Rs 393.29 crore.

The company reported a 4 per cent year-on-year (YoY) growth in its revenue from operations at Rs 2,152.20 crore during the period under review.

Shares of the company on the BSE surged on Tuesday. At 12.08 p.m., its shares were trading at Rs 777.05, higher by 3.36 per cent from the previous close.