Financial Services Co Gives Nod To Fundraise Of Up To Rs 3000 Crore Via NCDs

Board of directors of financial services sector company, SBI Cards and Payment Services Ltd on June 5 have given approval to raise Rs 3000 crore through issuance of non-convertible debentures (NCDs). SBI Card seeks to raise the funds in one or more tranches on private placement basis. Meanwhile, SBI Cards share witnessed a rally of 0.63% on BSE to close at 919.75 apiece. Check details below:

1. Board of SBI Cards Approves Fundraise

According to the regulatory filing of the company, "In continuation of our letter dated May 30, 2023, intimating about the Board Meeting to be held on June 5, 2023, we wish to inform that the Board of Directors of the to be held on June 5, 2023, we wish to inform that the Board of Directors of the Company, at its meeting held today, has, inter alia, approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to Rs. 3,000 Crores in one or more tranches, on private placement basis."

2. SBI Card Q4

The company for the fourth quarter declared 2.7% YoY jump in net profit at Rs 596.5 crore as against Rs 581 crore declared in the corresponding quarter of last year. The company declared its total revenue at Rs 3762.2 crore, up 32% as against Rs 2850.3 crore announced in the corresponding period of last year.

3. SBI Card Stock Performance & Return

Last trading price of SBI Card share is Rs 919.75 per share. Its 52-week high price is Rs 1028.75 per share and 52-week low price is Rs 656.10 per share, respectively.

The company has a market capitalisation of Rs 87,030.32 crore. SBI Card share jumped 22% in last 3-months, 16% YTD, 11% in last 6-months, and 19% in last 1-year.

SBI Card shares witnessed a decline of 12% in last 2-years. In last 3-years, SBI Card share jumped 47%.

4. SBI Card About

SBI Card was launched in 1998 by the State Bank of India and GE Capital. Incorporated as SBI Cards and Payment Services Private Limited (SBICPSL), SBI Card is headquartered in Gurgaon, Haryana. In December 2017, State Bank of India and The Carlyle Group acquired GE Capitals stake in SBI Card. The company changed its legal name to SBI Cards and Payments Services Limited in August 2019. In March 2020, SBI Card became the first pure play credit card company to list on the stock exchanges in India, according to its official website.