OBC raises Rs 178 cr from LIC

Public sector lender Oriental Bank of Commerce (OBC) today said it has raised over Rs 178 crore by issuing more then 2.15 crore shares to LIC on preferential basis.

"The Bank has allotted 2,15,48,758 equity shares at an issue price (including premium) of Rs 82.79 per equity share ...Aggregating up to Rs 178.40 crore to Life Insurance Corporation of India (LIC) on preferential basis on March 30, 2016," OBC said in a BSE filing.

Shares of Oriental Bank of Commerce were trading at Rs 91.05, up 2.19 per cent, on BSE.