PNB, OBC plan second public offer

PNB intends to sell 5 crore shares and the value of the public offer is estimated at over Rs 1,100 crore. It is planning to raise more capital to meet the stringent Basel-II norms requiring higher provisions for market, credit and operational risks by 2006. Chakrabarty ruled out tapping the overseas capital market

Meanwhile, Oriental Bank of Commerce OBC is considering a public offer to sustain its growth after the merger of ailing Global Trust Bank GTB with it. The bank intends to dilute government holding by about 10 per cent to 56.5 per cent after the public offer, bank sources said but declined to give the size of the issue.