Board of SBI Cards and Payment Services approves fund raising

On Friday, via a press release, SBI Cards and Payment Services announced that the company's Board of Directors approved of raising of funds.

The funds are expected to be raised by the way of issuance of Non-Convertible Debentures (NCDs) aggregating to around Rs 2000 crore, as per the communication made to the exchanges.

For Q3FY21, on standalone basis, the company's net sales decreased by 3.73 per cent YoY to Rs 2274.88 crore while net profit was reported to be Rs 209.66 crore which is a decline by around 51.77 per cent compared to the net profit of Rs 434.67 crore reported forQ3FY20.

SBI Cards and Payment Services Private Limited is engaged in marketing and distribution of credit cards. It offers a wide range of credit card portfolio to individual cardholders and corporate clients including lifestyle, rewards, travel and fuel, shopping, banking partnership cards and corporate cards. The company focuses on offering customized benefits for its card holders which includes reward programs and discount programs.

On Friday, the shares of SBI Cards and Payment Services closed at Rs 1015.55 per share, down by 1.12 per cent or Rs 11.50 per share. The 52-week high for the share is Rs 1149 per share and the 52-week low is Rs 495.25 per share on BSE.