Mumbai, Jul 21 (IANS): The Board of SBI Cards and Payment Services has approved raising of Rs 1,500 crore by issuance of non-convertible debentures (NCD) in one or more tranches over a period of time.

The Board of Directors approved the proposal in its meeting on Monday.

In a regulatory filing on Monday, SBI Card said that its board "approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to Rs 1,500 crores in one or more tranches over a period of time."

For the first quarter (April-June) of financial year 2020-21, the SBI Cards and Payment Services on Monday reported a nearly 14 per cent rise in its net profit at Rs 393.29 crore.

The company reported a 4 per cent year-on-year (YoY) growth in its revenue from operations at Rs 2,152.20 crore during the period under review.

Shares of the company on the BSE surged on Tuesday. At 12.08 p.m., its shares were trading at Rs 785.30, higher by Rs 33.50 or 4.46 per cent from the previous close.