Oriental Bank of Commerce rose 1.7% to Rs 146.85 at 11:35 IST on BSE after the bank said that it intends to raise Tier II capital through private placement of Basel III compliant Tier 2 bonds.
The bank made announcement after market hour yesterday, 19 October 2015.
Meanwhile, the S&P BSE Sensex was down 17.52 points or 0.06% at 27,347.40.
On BSE, so far 42,532 shares were traded in the counter as against average daily volume of 3.02 lakh shares in the past one quarter.
The stock hit a high of Rs 147.15 and a low of Rs 144.50 so far during the day. The stock had hit a 52-week high of Rs 344.40 on 1 January 2015. The stock had hit a 52-week low of Rs 121.45 on 7 September 2015.
The stock had outperformed the market over the past one month till 19 October 2015, rising 8.65% compared with Sensex's 4.37% rise. The scrip, however, underperformed the market in past one quarter, declining 19.53% as against Sensex's 3.86% fall.
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The mid-cap PSU bank has equity capital of Rs 299.85 crore. Face value per share is Rs 10.
Oriental Bank of Commerce said that it intends to raise Tier II capital through private placement of Basel III compliant Tier 2 bonds of Rs 10 lakh each at par aggregating to Rs 1000 crore. The bonds have been rated CARE AA+ & ICRA AA+ (Hyb.) by CARE & ICRA, respectively.
Oriental Bank of Commerce (OBC)'s net profit dropped 29.3% to Rs 257.84 crore on 0.1% decline in total income to Rs 5568.78 crore in Q1 June 2015 over Q1 June 2014.
The Government of India (GoI) held 59.13% stake in OBC (as per the shareholding pattern as on 30 September 2015).
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