Financial Daily from THE HINDU group of publications
Sunday, Feb 20, 2005
Financial Daily from THE HINDU group of publications Sunday, Feb 20, 2005 |
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Public Sector Banks Markets - Public Offer Oriental Bank's second public issue gets Govt nod Our Bureau
Mr B.D. Narang, CMD of Oriental Bank of Commerce
New Delhi , Feb. 19 ORIENTAL Bank of Commerce (OBC) has received the Government's nod for tapping the capital market with its second public issue. The bank had its initial public offering (IPO) in the year 1994 and mopped up Rs 387.24 crore by issuing equity shares with face value of Rs 10 each at a premium of Rs 50. "The Finance Ministry cleared our proposal on Friday. We would now come out with a public issue for 5.8 crore shares. The issue of shares would be at a premium and would be done through the book-building route," Mr B.D. Narang, Chairman and Managing Director, OBC, told newspersons at an interactive session organised by the Forum of Financial Writers here on Saturday. He, however, declined to specify any timeframe for the proposed second public issue. "We will immediately start the process and approach the Securities and Exchange Board of India," Mr Narang said. The Government's stake in OBC is likely to come down to 51 per cent after the second public issue. The New Delhi-based bank had a paid-up capital of Rs 193 crore as on September 30, 2004. The Government currently has a 66.48 per cent stake in the bank.
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