New Delhi: Public-sector lender Oriental Bank of Commerce (OBC) will raise Rs 500 crore on private placement by issuing bonds.
"The bank intends to raise Tier 1 capital through private placement of Basel III compliant additional tier 1 bonds of Rs 10,00,000 each at par aggregating to Rs 500 crore," Oriental Bank of Commerce said in a BSE filing.
The proposed bonds issue has been rated as 'A+' by CARE ratings and 'A+ (Hyb.) with Negative Outlook' by ICRA.
Shares of Oriental Bank of Commerce were trading 0.52 percent lower at Rs 134.60 on BSE.