Sunday, Feb 20, 2005
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By Our Special Correspondent
NEW DELHI, FEB. 19. In keeping with the Centre's policy of diluting its equity stake in nationalised banks to 51 per cent from the current levels, the Union Finance Minister, P. Chidambaram, has given the go-ahead to Oriental Bank of Commerce (OBC) for its second public issue. Accordingly, OBC is drawing up plans to float an issue of 5.8 crore shares of the face value of Rs. 10 per share shortly, at a premium to be decided upon in consultation with its merchant bankers. Disclosing this at a meeting with the Forum of Financial Writers here on Saturday, the OBC Chairman and Managing Director, B. D. Narang, said the bank would first have to seek the approval of the Securities and Exchange Board of India before embarking on the procedural formalities of the public issue.
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