The Hindu Business Line : Overseas interest in Oriental Bank capital issue, says Narang

A CLUTCH of overseas institutions, some of them based in Singapore, have evinced keen interest in investing in the capital issue of Oriental Bank of Commerce.

The offer, which will constitute about 23 per cent of the fully diluted post issue paid-up capital of the bank, has found favour with a number of foreign investment outfits, including a few connected with the Government of Singapore, said Mr B. D. Narang, CMD of OBC.

The issue, which comprises a net offer to the public of up to 4,64,00,000 shares of Rs 10 each as well as reservations for employees and existing shareholders, will be used to meet future capital requirements.

"Our interactions with overseas investors have shown how serious many of them are. What is particularly attracting them is the strength commanded by the Indian economy," Mr Narang told newspersons.

It may be mentioned here that some of the bank's top shareholders (on the date of filing the red herring prospectus with stock exchanges) are investment vehicles affiliated to HSBC, Merrill Lynch, Citigroup, Alliance Capital and Morgan Stanley. In the domestic market, OBC is looking at meeting a business target of Rs 1,00,000 crore by the end of March next year.

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