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Our Bureau

Mumbai , April 25

THE public issue of Oriental Bank of Commerce (OBC) has been oversubscribed on the first day of opening.

As per the latest details posted on BSE and NSE Web sites, the OBC issue received bids for 9.64 crore shares compared to issue size of 5.80 crore shares that is an over-subscription of 1.66 times.

The issue closes on April 29.

The maximum bids came at upper price band of Rs 260. At this price, bids for 5.96 crore shares were made, while at the lower price band of Rs 235 bids for 3.32 crore shares were made and for the remaining shares, bids were at either at the cut-off price (investors agree to buy shares at price decided by merchant banker) or between the upper and lower price bands.

In terms of the various class of investors making the bids on the first day, mutual funds were on top of list with bids for 4.48 crore shares (46.51 per cent of the total bids made) followed by financial institutions like LIC with bids for 3.26 crore shares (33.87 per cent) and FIIs made bids for 1.77 crore shares (18.41 per cent) and balance bids being made by Indian companies and individuals.

On BSE, the stock closed at Rs 286.05 down by 0.99 per cent from previous close.

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