OBC to raise Tier I Capital worth Rs 300 crores

Oriental Bank of Commerce (OBC) has now announced with reference to the earlier annoucement dated November 25, 2009 regarding the Bank intends to raise Tier I capital amounting to Rs. 300.00 crores by issuing Innovative Perpetual Debt Instrument on Private Placement basis, that the issue is slated to open on December 07, 2009 and will close on December 14, 2009, and the deemed date of allotment shall be December 17, 2009. The coupon rate shall be 9.10% for first 10 years and shall be stepped up to 9.60% p.a. for subsequent years, if call option is not exercised by the Bank at the end of 10th year from the deemed date of allotment.

The stock closed the day at Rs.276.50, down by Rs.4.70 or 1.67%. The stock hit an intraday high of Rs.285.90 and low of Rs.275.

The total traded quantity was 53067 compared to 2 week average of 219069.

Source : Equity Bulls

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