Financial Daily from THE HINDU group of publications
Sunday, Jan 09, 2005
Financial Daily from THE HINDU group of publications Sunday, Jan 09, 2005 |
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Money & Banking
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Public Sector Banks Markets - Public Offer OBC eyes Rs 1,500 cr from second offer Our Bureau
New Delhi , Jan. 8 THE Oriental Bank of Commerce (OBC) is aiming at garnering between Rs 1,500 and Rs 1,800 crore through its second public offering. "We will be raising Rs 1,500- 1,800 crore from the market within this fiscal. We expect to receive approval for our second public offer from the Government in the next two-three weeks," the Chairman and Managing Director, OBC, Mr B.D. Narang, told reporters here. After the second public offer, the Government holding in the bank will come down to 53 per cent from 68 per cent. Mr Narang said the price band of the issue would be decided after regulatory approvals. Meanwhile, a senior Finance Ministry official has confirmed that the Union Government has cleared the proposed second public offer of Punjab National Bank (PNB) . "The Government has cleared PNB's public offer proposal of eight crore shares. The Government holding will come down to 57 per cent after the offer from 80 per cent at present," the official said.
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