India’s Oriental Bank of Commerce to sell Rs. 2.5 billion tier I bonds

By Tali Rackner

Norfolk, Va., Aug. 31 – Oriental Bank of Commerce informed the Bombay Stock Exchange that it plans to issue Rs. 2.5 billion of tier I capital through a private placement of Basel III compliant additional tier I bonds.

There is an option to retain oversubscription of up to Rs. 7.5 billion.

The proposed issue has been rated A+ with a stable outlook by India Ratings and A+ (hyb) with a negative outlook by ICRA.

The state-run bank is located in New Delhi.

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