Oriental Bank of Commerce approves preferential allotment to LIC, Government of India

The Board of Directors of Oriental Bank of Commerce at its meeting held on February 11, 2016, has also approved raising of equity capital of the Bank by way of preferential allotment of equity shares in favour of Government of India for an amount upto Rs. 1000 crore (Rupees one thousand crore only) and Life Insurance Corporation of India (LIC) for an amount upto Rs.500 crore (Rupees five hundred crore on in terms of SEBI (ICDR) Regulations 2009 / other applicable laws & guidelines and subject to requisite approvals.

Shares of ORIENTAL BANK OF COMMERCE was last trading in BSE at Rs.82.1 as compared to the previous close of Rs. 85.2. The total number of shares traded during the day was 1193430 in over 6668 trades.

The stock hit an intraday high of Rs. 85.8 and intraday low of 78.1. The net turnover during the day was Rs. 96648818.

Source : Equity Bulls

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