Oriental Bank of Commerce to raise Rs.1740 crores

The Board of Directors of Oriental Bank of Commerce at its meeting held on March 05, 2011, has approved raising of capital by creating, offering and issuing upto 4,12,21,491 equity shares of Rs. 10/- each for cash at a Issue Price (including premium) of Rs. 422.11 per share aggregating upto Rs. 1740 crore approx. to Government of India in terms of SEBI (ICDR) Regulations, 2009.

The Board has also resolved calling of an Extraordinary General Shareholders of Bank on March 29, 2011 for approval of the preferential allotment of equity shares to the Government of India.

The stock was trading at Rs.341.80, down by Rs.7.75 or 2.22%. The stock hit an intraday high of Rs.351.10 and low of Rs.335.55.

The total traded quantity was 0.28 lakhs compared to 2 week average of 0.63 lakhs.

Source : Equity Bulls

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