Oriental Bank of Commerce (BSE:500315) announced a private placement of 572,320,499 common shares of face value INR 10 at INR 96.10 per share for gross proceeds of INR 54,999,999,953.90 on February 7, 2019. The transaction will include participation from existing investor India. The securities will be issued on preferential basis. The transaction has been approved by the shareholders at its extraordinary general meeting held on February 7, 2019. The transaction is subject to Central Government approval, Reserve Bank of India approval, Securities and Exchange Board of India approval or any other authority approval as may be required.