OBC plans to raise Rs 1.5k cr via preference shares

State-owned Oriental Bank of Commerce (OBC) on Monday said it planned to raise up to Rs 1,500 crore by the issue of preference shares to the government and LIC (Life Insurance Corporation).

The board will consider proposal for raising capital in its meeting to be held on February 11, OBC said in a statement.

The bank plans to raise equity capital by preferential allotment of equity shares in favour of the government for an amount of up to Rs 1,000 crore and Life Insurance Corporation of India for an amount up to Rs 500 crore, it said.