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.