State-owned lender Oriental Bank of Commerce (OBC) on Saturday said it plans to collect an estimated Rs 3,000 crore through the sale of equity shares to qualified institutional investors. The board of directors of the bank, at its meeting on June 1, approved the raise capital from the market through Qualified Institutional Placement (QIP) or such other mode.
The board of directors in the meeting has agreed to the plan for raising capital for an amount upto Rs 3000 crore by way of issue of equity shares in the form of Qualified Institutional Placement (QIP) or such other mode, OBC said in a filing to the Bombay Stock Exchange.
The timing of the issue will be decided by the board in due course as a result of market conditions, it said.
The board of OBC also approved the appointment of Ashwani Kumar as chief financial officer of the bank with effect from June 1, 2019.
Ashwani Kumar has been elected as the Chief Financial Officer of the Bank with effective from June 1, 2019 in place of Mahesh Dhawan depending on the approval of the audit committee of board in its meeting held on June 1, 2019, OBC said in the exchange filing.
Ashwani Kumar, General Manager, is a Chartered Accountant and possesses vast experience in banking and finance, the bank said.
