Oriental Bank of Commerce raises Rs 1,025 cr tier-II capital

Oriental Bank of Commerce raises Rs 1,025 cr tier-II capital.

State-owned lender Oriental Bank of Commerce (OBC) has raised Rs 1,025 crore of capital through lower tier-II bonds to fund its business growth.

These bonds carry a coupon of 8.93 per cent a year and have tenure of 10 years. These bonds were rated AA+ by both CARE and ICRA.

The bank is looking at a capital adequacy ratio of over 12 per cent at end-March 2013. The Basel-III capital adequacy rules will kick-in on January 1 next year in India.

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