Oriental Bank of Commerce plans to raise Rs 1,500 crore via preference share issue

State-owned Oriental Bank of Commerce (OBC) on Monday said it plans to raise up to Rs 1,500 crore by issue of preference shares to the government and LIC.

The board will consider proposal for raising capital in its meeting to be held on February 11, OBC said in a statement. The bank plans to raise equity capital by preferential allotment of equity shares in favour of Government of India for an amount up to Rs 1,000 crore and Life Insurance Corporation of India (LIC) for an amount up to Rs 500 crore, it said.