OBC raises Rs 500 cr as Tier-II capital by way of bond issue

New Delhi, Apr 11: The Oriental Bank of Commerce (OBC) today said it had raised Rs 500 crore as Tier-II capital by way of Bond issue on private placement basis.

The capital raised included the Green Shoe Option of Rs 250 crore as per the structure of the issue, which was well received by investors at large.

The bank has closed the issue on 10 April, 2006, prior to the date of closure fixed for 17 April, 2006.

Earlier, OBC had announced an increase in its interest rates of upto 1 per cent on term deposits, effective from 1 April, 2006.

Interest rates on Foreign Currency Deposits for NRI's have also been revised upwards from 29 March, 2006, by 25 basis points on US dollars, GBP, EURO, Australian and Canadian dollars.

UNI