Oriental Bank of Commerce (OBC) has informed the Bombay Stock Exchange that subscription for the issue of subordinated lower Tier II bonds will open on Wednesday.

Coupon rate

The bank will offer bonds of Rs. 10 lakh each for cash at par aggregating Rs. 1,000 crore with an option to retain oversubscription of up to Rs. 200 crore. is slated to open on November 21, 2012 and the bonds will carry a coupon rate of 8.93 per cent with a tenor of 120 months.

The issue will close on November 27 and the deemed date of allotment will be November 30, 2012.