Oriental Bank raises Rs 500 cr via bonds

Oriental Bank of Commerce has raised Rs 500 crore through bonds that are compliant with the global capital adequacy norms, Basel III.
"Allotment of bank's issue of 9.48 per cent unsecured non- convertible fully paid-up Basel III compliant perpetual debt instruments...Aggregating Rs 500 crore has been made on February 10, 2015," it said in a filing on BSE today.
The bonds are of Rs 10 lakh each, aggregating Rs 500 crore. This is part of the bank's plans to raise additional tier-I, or equity capital, of Rs 1,000 crore through private placement of bonds.
"Oriental Bank of Commerce has informed BSE that the Bank intends to raise additional Tier 1 capital through private placement of ATI Bonds for Rs 500 crore with an option to retain over-subscription of up to Rs 500 crore," the bank had said.

The bonds have been rated with stable outlook by ratings firm ICRA and CARE, it said.
The OBC scrip closed 1.01 per cent up at Rs 234.15 on the BSE.