Oriental Bank of Commerce to raise Rs 300 crores through Tier I Perpetual Bonds

Oriental Bank of Commerce has now announced with reference to the earlier announcement regarding the Banks intention to raise Tier I Capital amounting to Rs. 300.00 crores by issuing Innovative Perpetual Debt Instruments and Tier II Capital amounting to Rs. 500.00 crores by issuing Upper Tier II / Lower Tier II Bonds during the current financial year, 2010-11 on private placement basis, that the issue of Tier I Capital amounting to Rs. 300.00 crores by issuing Innovative Perpetual Debt Instruments on private placement basis is slated to open on September 06, 2010 and will close on September 13, 2010 and deemed date of allotment shall be September 17, 2010. The coupon rate shall be 9.05% for first 10 years and shall be stepped up to 9.55%. 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 was trading at Rs.443.50, up by Rs.5.70 or 1.30%. The stock hit an intraday high of Rs.447.40 and low of Rs.439.65.

The total traded quantity was 0.68 lakhs compared to 2 week average of 0.77 lakhs.

Source : Equity Bulls

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