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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