Oriental Bank to raise Rs 1,000 cr via bonds

State-run Oriental Bank of Commerce today said it plans to raise additional tier-I or equity capital of up to Rs 1,000 crore through private placement of bonds.
"The Bank intends to raise additional Tier 1 capital through private placement of ATI Bonds for Rs 500 crore with an option to retain over-subscription of up to Rs 500 crore," OBC said in a filing to the BSE.
The bonds to be raised would be Basel III complaint, perpetual debt instruments, it said, adding that they have been rated with stable outlook by credit rating firms ICRA and CARE.
The OBC scrip closed 0.17 per cent up at Rs 320.95 per piece on the BSE.