New Delhi: State-owned Oriental Bank of Commerce on Thursday said it will raise Rs 500 crore through an issue of additional Tier 1 bonds which will open for subscription on Friday.
"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 filing to the BSE.
"The issue of Basel III compliant additional tier 1 bonds on private placement basis will be open on September 30, 2016 (for one day)," the filing said.
OBC said it will allot bonds on the same day - September 30, 2016.
The proposed bonds issue has been rated as 'A+' by CARE Ratings and 'A+ (Hyb.) with Negative Outlook' by ICRA.
Shares in OBC ended 9.02 per cent lower at Rs 123.10 apiece on the BSE, whose benchmark Sensex index finished down 1.64 per cent.
New Delhi: State-owned Oriental Bank of Commerce on Thursday said it will raise Rs 500 crore through an issue of additional Tier 1 bonds which will open for subscription on Friday.
"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 filing to the BSE.
"The issue of Basel III compliant additional tier 1 bonds on private placement basis will be open on September 30, 2016 (for one day)," the filing said.
OBC said it will allot bonds on the same day - September 30, 2016.
The proposed bonds issue has been rated as 'A+' by CARE Ratings and 'A+ (Hyb.) with Negative Outlook' by ICRA.
Shares in OBC ended 9.02 per cent lower at Rs 123.10 apiece on the BSE, whose benchmark Sensex index finished down 1.64 per cent.
New Delhi: State-owned Oriental Bank of Commerce on Thursday said it will raise Rs 500 crore through an issue of additional Tier 1 bonds which will open for subscription on Friday.
"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 filing to the BSE.
"The issue of Basel III compliant additional tier 1 bonds on private placement basis will be open on September 30, 2016 (for one day)," the filing said.
OBC said it will allot bonds on the same day - September 30, 2016.
The proposed bonds issue has been rated as 'A+' by CARE Ratings and 'A+ (Hyb.) with Negative Outlook' by ICRA.
Shares in OBC ended 9.02 per cent lower at Rs 123.10 apiece on the BSE, whose benchmark Sensex index finished down 1.64 per cent.
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