Jan 02, 2013, 01.21 PM | Source: Moneycontrol.com
State-controlled Oriental Bank of Commerce gained for the fourth consecutive session on Wednesday, rising 9 percent to Rs 366.50 in four days.
The bank's issue of subordinated lower Tier II bonds of Rs 10 lakh each for cash at par aggregating Rs 1000 crore with an option to retain oversubscription of upto Rs 200 crore, which opened from November 21, 2012 to November 27, 2012, was subscribed to the extent of Rs 1025 crore, according to a release on December 29th.
Yesterday the bank has reduced interest rate on home loans of up to Rs 30 lakh by 0.1 percent. Besides, the bank has also slashed margin for home loans above Rs 20 lakh to 20 per cent. For loans below Rs 20 lakh, margin will be 15 per cent.
On the deposit side, the bank has waived off penalty on premature withdrawal on its fixed deposit schemes for all maturities.
At 12:07 hours IST, the stock rose 1.5 percent to Rs 364 on the Bombay Stock Exchange.
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(With inputs from PTI)