SBI Cards and Payment Services (SBI Card) has raised Rs 500 crore by issuing bonds on a private placement basis.

The stakeholders' relationship and customer experience committee of the company has approved the allotment of 5,000 fixed rate, redeemable non-convertible debentures (NCDs) of face value of Rs 10 lakh each aggregating to Rs 500 crore on private placement basis, SBI Card said in a regulatory filing on Tuesday.

The tenure of the instruments is three years, which are set to mature on August 16, 2024. SBI Card will offer a coupon rate of 5.70 per cent per annum on the bonds.

Shares of the company closed 0.92 per cent down at Rs 1,016 apiece on BSE.