SBI Card to raise Rs 2,000 crore via issuing bonds

SBI Cards and Payment Services (SBI Card) on Monday said it will raise Rs 2,000 crore by issuing bonds on a private placement basis.

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"The board of directors of the company has approved, raising of funds by way of issuance of non-convertible debentures (NCDs), aggregating to Rs 2,000 crore," SBI Card said in a regulatory filing.

The money will be raised in one or more tranches, and the said issuance will be done on a private placement basis, it added.

The company's stock was trading at Rs 1,104 on BSE, down 1.45 per cent from the previous close.