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Public sector lender Oriental Bank of Commerce is all set to consider raising Rs1,000cr via the QIP route in its Board of Directors meeting to be held today.
Further, the timing and exact quantum of the issue would be decided by the Board/Committee of Board in due course depending upon market conditions.
Through QIPs, listed companies usually tend to raise capital without having to go through the task of submitting legal paperwork to the market regulators. It is a common practice in India, but is obviously subject to some regulations like issuing at least 10% of its securities it is giving out to mutual funds and not permitting an allottee to own more than 50% of the issued shares.
The stock is currently trading at Rs81.60 up by Rs0.6 or 0.74% from its previous closing of Rs81 on the BSE.
The scrip opened at Rs81.35 and has touched a high and low of Rs81.75 and Rs81.25 respectively. So far 48,102 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs5,125.42cr.
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