PSU bank OBC to raise over Rs 178 crore via issue of shares to LIC
The bank will issue over 2 crore shares to the Life Insurance Corporation of India (LIC), cited the company in its regulatory filing.
Public sector lender Oriental Bank of Commerce (OBC) on Saturday said it will raise over Rs 178 crore by issuing shares to LIC on a preferential basis.
The decision to issue over 2 crore shares to Life Insurance Corporation of India (LIC) was taken at the Bank's Extra-ordinary general meeting held on March 29, it said in a regulatory filing.
"To create, offer, issue and allot 2,15,48,758 equity shares of the Bank for cash at an issue price of Rs 82.79 per equity share aggregating up to Rs 178.40 crore on preferential basis to the Life Insurance Corporation," it said in the filing.