Oriental Bank of Commerce to raise Rs 178 crore by issuing shares to LIC

Posted on:18 Apr 2016 14:33:02

Oriental Bank of Commerce to raise Rs 178 crore by issuing shares to LIC
18 April 2016 Current Affairs GK: Oriental Bank of Commerce will raise over 178 crore by issuing shares to Life Insurance Corporation on a preferential basis.The decision comes from lender after Extra-ordinary general meeting held on 29 March that to issue over 2 crore shares to LIC was taken at the bank’s, it said in a regulatory filing.To create, offer, issue and allot 2, 15, 48,758 equity shares of the bank that aggregating up to Rs 178.40 crore on preferential basis to Life Insurance Corporation.

Oriental Bank of Commerce : Oriental Bank of Commerce is an India-based bank established in Lahore (then the city of British India, and currently in Pakistan), is one of the public sector banks in India.Rai Bahadur Lala Sohan Lal, the first Chairman of the Bank, founded OBC in 1943 in Lahore.The bank was nationalised on 15 April 1980.In 1997, OBC acquired two banks: Bari Doab Bank and Punjab Cooperative Bank. The acquisition of these two banks brought with it no additional branches.on 31 March 2010 making it the seventh largest Public Sector Bank in India On 14 August 2004, OBC amalgamated Global Trust Bank (GTB). GTB was a leading private sector bank in India that was associated with various financial discrepancies leading to a moratorium being imposed by RBI .

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