OBC files papers for second float

Oriental Bank of Commerce (OBC) has filed the prospectus with Sebi for its public offer to raise about Rs 2,000 crore in the middle of April.

"We filed the draft red herring prospectus with Sebi on Saturday," OBC chairman B D Narang said today.

Narang said the issue is likely to open for subscription in mid-April after getting Sebi's approval, which is expected in the next three weeks.

OBC had earlier planned to tap the market in March so that the bank could report a healthy financial result with higher capital adequacy ratio for FY05. OBC's capital adequacy ratio (CAR) was eroded after it acquired the ailing Global Trust Bank, which had bad assets of Rs 1,400 crore and a huge loss.

The New Delhi-based bank received the green signal from the finance ministry on February 18 for issuing 5.8 crore equity shares of Rs 10 each.

The issue will be priced through the book-building route.