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Friday, Dec 31, 2004

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Oriental Bank board okays public issue

Our Bureau

New Delhi , Dec. 30

THE board of directors of Oriental Bank of Commerce (OBC) has cleared a proposal for a public issue offering five crore equity shares at a premium to be determined by the book building route.

The public issue will hit the market after seeking approvals from the Government, Reserve Bank and other regulatory authorities. According to an official statement, the money is being raised to sustain 25 per cent growth in business, Post the proposed issue, Government's stake in the bank is expected to come down to 53 per cent from the current 66.48 per cent.

"The bank has a share capital of Rs 193 crore and reserves of Rs 2,484 crore as on March 31, 2004. Total working capital of Rs 1,00,000 crore has been contemplated by the end of the next financial year, March 2006, besides implementation of the Basel II accord," it said. Currently, the book value of the share is Rs 139 and the earnings per share as on March 31, 2004 is Rs 35.63.

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