SBI Cards gets board's nod to raise Rs 5,000 crore but stock falls  

Shares of SBI Cards and Payment Services ended lower on Wednesday even as the firm said its board approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to Rs 5,000 crore. 

SBI Cards stock ended 1.63% lower at Rs 779.50 on Wednesday against the previous close of Rs 792.45 on BSE. It touched an intraday high of Rs 795. SBI Cards shares are trading higher than 5-day, 10 day, 20-day, 50-day, 100-day and 200-day moving averages. 

The stock is down 5 per cent in one year and fallen 16.64 per cent in two years. Total 1.08 lakh shares of the firm changed hands amounting to a turnover of Rs 8.52 crore on BSE. Market cap of the firm fell to Rs 74,144 crore. 

"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. 5,000 Crores in one or more tranches, on private placement basis. The Meeting of the Board of Directors commenced at 10.30 a.m. and concluded at 01:34 p.m. ," according to a stock exchange filing.