OBC to raise Rs1K cr

OBC to raise Rs1K cr

FPJ BureauUpdated: Thursday, May 30, 2019, 04:02 AM IST
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New Delhi : Public sector lender Oriental Bank of Commerce plans Tuesday said it will raise up to Rs 1,000 crore by issuing Basel III compliant bonds on private placement basis. “The bank intends to raise tier I capital through private placement of Basel III compliant additional tier I bonds of Rs 10 lakh each at par aggregating to Rs 500 crore,” OBC said in a regulatory filing. The bank said the bonds issue has an option to retain subscription of up to Rs 500 crore. The proposed bond issue of the lender has been rated A (Hyb) with negative outlook by ICRA, while CARE has rated it ‘A’ with negative outlook.  Basel III are the global standard, which banks in India have been adopting in phases.

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