OBC allots 13.89 cr shares to govt following capital infusion

Public sector Oriental Bank of Commerce (OBC) Wednesday said it has allotted 13.89 crore equity shares to the government following capital infusion of Rs 1,186 crore into the bank.

"Pursuant to the approval of the board of directors, the bank has allotted 13,89,89,804 equity shares of Rs 10 each at an issue price (including premium) of Rs 85.33 per equity share aggregating up to Rs 1,186 crore to Government of India on preferential basis on March 26, 2019," OBC said in a regulatory filing.

Earlier in January, the government had infused capital in OBC, following which RBI removed the lender from its prompt corrective action (PCA) framework.