 "Oriental Bank gains on plans to raise Tier II Capital")
Shares of Oriental Bank of Commerce were up over 2% at Rs 147.50 after the state-owned bank said it plans to raise Tier II Capital through private placement.
In the release to the stock exchange the state-owned bank said it intends to raise Tier II Capital through Private Placement of Basel III Compliant Tier 2 Bonds of Rs. 10,00,000/- each at par aggregating to Rs. 1000 crore.
The Bonds have been rated CARE AA+ & ICRA AA+ (Hyb.) by CARE & ICRA, respectively, the release added.
The stock opened at Rs 145 and touched a high of Rs 148. At 1pm, over 758,000 shares were traded on both the stock exchanges.
