Business Standard

OBC gets board approval to raise up to Rs 1,000 cr

Image

Press Trust of India New Delhi
State-owned Oriental Bank of Commerce (OBC) today said it will raise up to Rs 1,000 crore through an issue to qualified institutional players.
The board of directors of the bank in a meeting held on August 30, 2018, approved the raising of capital from the market through qualified institutions placement (QIP) for an amount not exceeding Rs 1,000 crore, the bank said in a regulatory filing.
"The timing and exact quantum of the issue would be decided by the board/committee of board in due course depending upon market conditions," OBC said.
Shares of the bank closed 4.81 per cent up at Rs 84.90 on BSE.

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 30 2018 | 9:20 PM IST

Explore News