Oriental Bank of Commerce to raise Rs 500 crore via issuance of 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

PTI September 29, 2016 12:22:20 IST
Oriental Bank of Commerce to raise Rs 500 crore via issuance of bonds

New Delhi: Public-sector lender Oriental Bank of Commerce (OBC) will raise Rs 500 crore on private placement by issuing bonds.

Oriental Bank of Commerce to raise Rs 500 crore via issuance of bonds

AFP

"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.

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