PSU Bank OBC To Raise Over Rs 178 Crore Via Issue Of Shares To LIC

Oriental Bank of Commerce will raise over 178 crore by issuing shares to Life obcInsurance Corporation on a preferential basis. The decision to issue over 2 crore shares to Life Insurance Corporation of India (LIC) was taken at the Bank’s Extra-ordinary general meeting held on March 29, in a regulatory filing. To create, offer, issue and allot 2,15,48,758 equity shares of the Bank for cash at an issue price of Rs 82.79 per equity share aggregating up to Rs 178.40 crore on preferential basis to the Life Insurance Corporation.

About Life Insurance Corporation of India:
Life Insurance Corporation (India) (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore (US$230 billion). The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.

Extra info:
1. MD & CEO  Oriental Bank of Commerce – Animesh Chauhan
2. Life Insurance Corporation of India Chairman – S K Roy

So lets do:
1. Who is the Chairman of LIC?
2. Who is the MD & CEO  Oriental Bank of Commerce?
3. OBC to raise over _____crore via issue of shares to LIC.


Source – Business – Standard


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