Oriental Bank of Commerce' Rs 1,000-crore bonds issue to open June 17

NEW DELHI: Public sector lender Oriental Bank of Commerce today said the subscription to its proposed issue to raise Rs 1,000 crore capital through tier-II bonds opens on June 17.

Earlier this week, OBC had informed about raising capital on private placement basis by issuing Basel-III compliant tier-II bonds up to Rs 500 crore with an option to retain over-subscription of up to Rs 500 crore.

The issue shall be open from June 17, 2016 to June 22, 2016 and the deemed date of allotment shall be June 24, 2016, the bank said in a regulatory filing.

The bonds have been rated AA by ICRA and CARE and bear coupon rate of 9.05 per cent per annum, it added.

OBC scrips closed 2.85 per cent higher at Rs 95.55 on BSE.