OBC plans to raise Rs 1,500 cr via issue of preference shares

Oriental Bank of Commerce (OBC) today said it plans to raise up to Rs 1,500 crore through issue of preference shares to the government and LIC.
The board has given approval for raising capital, OBC said in a statement
The bank has approved raising of equity capital by way of preferential allotment of equity shares in favour of Government of India for an amount up to Rs 1,000 crore and LIC for an amount up to Rs 500 crore, it added.
However, no timeline was given in the statement for the raising of capital.