OBC gets shareholders' nod to raise Rs 1,500 cr

State-owned Oriental Bank of Commerce today said its shareholders have approved the bank's plan to raise Rs 1,500 crore by way of various instruments.
The decision was taken at OBC's Annual General Meeting held today to approve the Balance Sheet and Profit & Loss account of the bank for 2015-16, the bank said in a BSE filing.
"Issue and allotment by way of public issue, QIP, with or without over-allotment option...Such number of equity shares and/or preference shares and/or other permitted securities which are capable of being converted into equity or not, for an amount not exceeding Rs 1,500 crore," it said.

OBC said the issue will be in such a manner that the government holding in the bank at all times do not fall below 52 per cent of the paid-up equity capital of the bank.
For the fiscal ended March 2016, the bank has also declared a dividend of Rs 0.70 per share (or 7 per cent) on the equity shares for 2015-16.
Shares of the bank closed 1.19 per cent higher at Rs 102 on BSE.