SBI Card raises Rs 525 crore through issuance of non-convertible debentures

SBI Card on Wednesday said it has raised up to Rs 525 crore by issuing non-convertible debentures to fund its business growth.

It will allot 525 fixed rate, unsecured, rated, taxable, redeemable, subordinate tier II, listed, non-convertible debentures aggregating to Rs 525 crore on a private placement basis, according to a regulatory filing.

They will have a face value of Rs 1 crore each and carry a coupon rate of 8.33 per cent, it said.