Oriental Bank of Commerce has informed BSE that the issue of Tier II capital amounting to Rs 200 crore by issuing Upper Tier II bonds on private placement basis is slated to open on September 16 and will close on September 17.
Further, the deemed date of allotment will be September 20. The coupon rate shall be 8.68 per cent for the first 10 years and shall be stepped up to 9.18 per cent for the subsequent five years, if call option is not exercised by the bank at the end of 10th year from the deemed date of allotment.
Shares of Oriental Bank of Commerce were trading lower during the morning trading session. At 11:20am, the shares were down 1.58 per cent or Rs 7.40 at Rs 461.20 on the Bombay Stock Exchange (BSE).
