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OBC to raise Rs 1500 cr

oriental bank of commerceOriental Bank of Commerce has received shareholders approval the bank’s plan to raise Rs 1500 crore by way of various instruments, according to a BSE filing from the bank. Issue and allotment by way of public issue, QIP, with or without over-allotment option…such number of equity shares and/or preference shares and/or other permitted securities which are capable of being converted into equity or not, for an amount not exceeding Rs 1500 crore, it said. The bank said the issue will be in such a manner that the government holding in the bank at all times do not fall below 52% of the paid-up equity capital of the bank. The decision was taken at OBC’s annual general meeting held to approve the balance sheet and profit & loss account of the bank for 2015-16, the filing said.

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