Oriental Bank Of Commerce to raise capital
Oriental Bank Of Commerce had announced that the Bank has decided to raise capital by issue of Upper Tier II Bonds on Private Placement basis in the nature of promissory notes for fifteen years at a coupon rate of 8.75% on annualized basis (call option after 10 years). The issue is likely to be opened on January 29, 2009 and issue size shall be Rs.250 crore plus green shoe option for an unspecified amount”. The Bank has now informed the Exchange that: “The proposed issue was closed on 06.02.2009 and subscribed to the extent of Rs.500 crore (Rs.250 crore plus green shoe option for an amount of Rs.250 crore).