SBI Card on Tuesday said it plans to raise up to Rs 3,000 crore by issuing debentures to fund business growth.

The decision to consider and approve the proposal for raising funds through the issuance of non-convertible debentures (NCDs) aggregating to Rs 3,000 crore would be taken in June 5 board meeting, SBI Card said in a regulatory filing.

This fundraising would be done through private placement in one or more tranches over a period of time, it added.