OBC gets board approval to raise up to Rs 1,000 cr

State-owned Oriental Bank of Commerce (OBC) today said it will raise up to Rs 1,000 crore through an issue to qualified institutional players.

The board of directors of the bank in a meeting held on August 30, 2018, approved the raising of capital from the market through qualified institutions placement (QIP) for an amount not exceeding Rs 1,000 crore, the bank said in a regulatory filing.

"The timing and exact quantum of the issue would be decided by the board/committee of the board in due course depending upon market conditions," OBC said.

Shares of the bank closed 4.81 percent up at Rs 84.90 on BSE.

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