Oriental Bank of Commerce to raise Rs 1,000 crore by issuing bonds

Public-sector Oriental Bank of Commerce on Monday said it will raise up to Rs 1,000 crore on private placement by issuing bonds.

The capital to be raised will be added to bank's tier-II capital.

"The bank intends to raise tier-II capital through private placement of Basel-III compliant tier-II bonds aggregating to Rs 500 crore with an option to retain over-subscription of up to Rs 500 crore", it said in a regulatory filing.

OBC scrips closed 1% down at Rs 89.10 on BSE.