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Oriental Bank of Commerce plans to raise Rs 3,000 crore through QIP

Oriental Bank of Commerce board also approved the appointment of Ashwani Kumar as chief financial officer of the bank with effect from June 1, 2019

twitter-logo BusinessToday.In   New Delhi     Last Updated: June 2, 2019  | 07:59 IST
Oriental Bank of Commerce plans to raise Rs 3,000 crore through QIP

State-owned lender Oriental Bank of Commerce (OBC) on Saturday said it plans to raise an estimated Rs 3,000 crore through the sale of equity shares to qualified institutional investors. The board of directors of the bank, at its meeting on June 1, approved the proposal to raise capital from the market through Qualified Institutional Placement (QIP) or such other mode.

"The board of directors in the meeting has approved the plan for raising capital for an amount upto Rs 3000 crore by way of issue of equity shares in the form of Qualified Institutional Placement (QIP) or such other mode," OBC said in a filing to the Bombay Stock Exchange.

The timing of the issue would be decided by the board in due course depending upon market conditions, it said.

The board of OBC also approved the appointment of Ashwani Kumar as chief financial officer of the bank with effect from June 1, 2019.

"Ashwani Kumar has been designated as the Chief Financial Officer of the Bank with effective from June 1, 2019 in place of Mahesh Dhawan pursuant to the approval of the audit committee of board in its meeting held on June 1, 2019," OBC said in the exchange filing.

Ashwani Kumar, General Manager, is a Chartered Accountant and possesses vast experience in banking and finance, the bank said.

Edited by Chitranjan Kumar

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