Oriental Bank To Raise Rs 800 Crore Via Debt
Oriental Bank of Commerce (OBC) is planning to raise Rs.800 crore through debt instruments to fund its expansion plans.
Innovative perpetual debt instruments (tier one capital) will be issued to raise Rs.300 crore, while tier two capital will be issued to raise Rs.500 crore in the current financial year to support the bank's business plans.
Transaction Reference: BS
OBC offers a wide range of banking products and financial services to corporate and retail customers.
It is planning to open 175 branches during the current financial year and proposes to install 20 new biometric ATMs.
As on June 2010, the bank had 1526 branches and 1034 ATMs which includes 6 Mobile ATMs and 2 Biometric ATMs.
Net profit of OBC increased by 41.02% to Rs. 363.01 crore for Q1 FY2011 from Rs.257.41 crore for Q1 FY2010.
Its total income increased by 20.02% which stood at Rs.2,09,156 crore for Q1 FY2011, as compared to Rs.1,74,261 crore for Q1 FY2010.
Union Bank of India is also raising $300 Mn (Rs.1,385.1 Cr) through issue of bonds.
Last month, IDBI Bank raised $350 Mn (Rs.1,615.95 Cr) through 5.5 years bonds, while in July SBI had raised $1 Bn (Rs.4,617 Cr) through five-year bonds.
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|Oriental Bank Of Commerce||The President of India||Harsha Bhawan, E- Block, Connaught Place, New Delhi–110001. Delhi, India.||Corporation Bank Limited||https://www.obcindia.co.in|
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