Public sector lender Oriental Bank of Commerce today said it will raise Rs 1,000 crore through an issue of tier II bonds on private placement basis.
"The bank 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 1,000 crore," Oriental Bank said in a BSE filing.
The bonds have been rated CARE AA plus and ICRA AA plus by ratings agencies CARE and ICRA, respectively, the bank said.
The funds, to be raised, would be included in the tier-II capital, the bank said.
Shares of the bank closed at Rs 144.40 apiece on BSE, up 0.14 per cent from previous close.
