Oriental Bank of Commerce rose 0.51% to Rs 127.15 at 14:40 IST on BSE after the bank said that it raised capital through issue of Basel III Compliant additional tier 1 bonds on private placement basis.
The announcement was made after market hours yesterday, 19 September 2016.Meanwhile, the BSE Sensex was down 128.26 points, or 0.45%, to 28,506.24.
On BSE, so far 1.89 lakh shares were traded in the counter, compared with an average volume of 5.81 lakh shares in the past one quarter. The stock hit high of Rs 128.45 and low of Rs 126 in intraday trade. The stock hit a 52-week high of Rs 157.50 on 30 November 2015. The stock hit a 52-week low of Rs 75.30 on 29 February 2016. The stock had outperformed the market over the past one month till 19 September 2016, gaining 7.2% compared with Sensex's 1.99% rise. The scrip had also outperformed the market in past one quarter, rising 26.94% as against Sensex's 7.54% rise.
The mid-cap PSU bank has an equity capital of Rs 346.17 crore. Face value per share is Rs 10.
Oriental Bank of Commerce said that the issue of Basel III Compliant additional tier 1 bonds on private placement basis was opened on 16 September 2016. The issue was fully subscribed to the extent of Rs 1000 crore and bonds were allotted on 16 September 2016. The bank had said on 31 August 2016, that it intended to raise Tier 1 Capital through private placement of Basel III Compliant additional tier 1 bonds of Rs 10 lakh each at par totalling Rs 250 crore with an option to retain oversubscription of upto Rs 750 crore.
Oriental Bank of Commerce's net profit fell 60.9% to Rs 100.69 crore on 3.2% drop in total income to Rs 5392.70 crore in Q1 June 2016 over Q1 June 2015.
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Government of India holds 58.38% stake in OBC (as on 30 June 2016).
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