SBI Card to consider ₹5,000-crore fund raise

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The board of SBI Cards and Payment Services Ltd (SBI Card), the country’s largest pure play credit card issuer, will meet on September 18 to discuss and approve a proposal for fund raise of ₹5,000 crore. 

The company wants to raise funds via Non Convertible Debentures (NCDs) through the private placement route. 

“A meeting of the Board of Directors is scheduled to be held on Wednesday, September 18, 2024, inter alia, to consider and approve the proposal for raising of funds through issuance of non-convertible debentures (NCDs) aggregating to ₹5,000 crore through private placement, in one or more tranches over a period of time,” SBI Card said in a stock exchange filing. 

SBI Card had reported a net profit of ₹594 crore for the first quarter ended June 30, 2024. This was marginally higher than the net profit of ₹593 crore recorded in the same quarter last fiscal. In the March 2024 quarter, SBI Card had reported a net profit of ₹662 crore.

For the quarter under review, total income increased to ₹4,483 crore (₹4,046 crore). In the March 2024 quarter, total income stood at ₹4,475 crore.