Oriental Bank to raise Rs 500 cr fromTier-II bonds

New Delhi, July 5: Oriental Bank Of Commerce today announced that it would raise Rs 500 crore through issue of Tier-II bonds on private placement basis.

The bonds, in the nature of promissory notes, will be issued for 15 years with call option at the end of ten years.

An interest rate of 9.25 per cent will be payable annually for initial ten years and thereafter it will be 9.75 per cent per annum for the remaining five years.

The issue is likely to be opened on July 7, 2006.

UNI