Oriental Bank of Commerce rose 2.6% to Rs 171.50 at 10:35 IST on BSE after the bank said it intends to raise Tier II capital to the extent of Rs 1000 crore through issue of Basel III compliant Tier II Bonds on private placement basis.
The announcement was made after market hours on Friday, 28 February 2014.
Meanwhile, the S&P BSE Sensex was down 11.57 points or 0.05% at 21,108.55.
On BSE, so far 76,000 shares were traded in the counter as against average daily volume of 2.17 lakh shares in the past one quarter.
The stock hit a high of Rs 173.30 and a low of Rs 166.65 so far during the day. The stock had hit a 52-week high of Rs 291.80 on 11 March 2013. The stock had hit a 52-week low of Rs 121.40 on 29 August 2013.
The stock had underperformed the market over the past one month till 28 February 2014, sliding 6.17% compared with the Sensex's 2.11% rise. The scrip had also underperformed the market in past one quarter, declining 6.75% as against Sensex's 2.85% rise.
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The mid-cap bank has equity capital of Rs 299.85 crore. Face value per share is Rs 10.
Oriental Bank of Commerce (OBC)'s net profit declined 31.3% to Rs 224.30 crore on 4.5% growth in total income to Rs 5063.98 crore in Q3 December 2013 over Q3 December 2012.
The Government of India (GoI) holds 59.13% stake in OBC (as per the shareholding pattern as on 31 December 2013).
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