India's Oriental Bank of Commerce to sell Rs. 2.5 billion of bonds

By Angela McDaniels

Seattle, Nov. 20 - Oriental Bank of Commerce said it will sell up to Rs. 2.5 billion of tier I perpetual bonds through a private placement.

The bonds are expected to price on Tuesday.

The bank plans to issue Rs. 1.25 billion of the bonds and grant an Rs. 1.25 billion over-allotment option.

The bonds will bear a coupon of 9.4%, which will increase to 9.9% after 10 years. They will become callable in year 10.

The state-run bank is located in New Delhi, India.

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