City Union Bank Ltd to raise Rs.350 crores through QIP

The Board of Directors of City Union Bank Ltd at its meeting held on June 22, 2012 has resolved to seek the approval of the share holders of the bank to augment capital upto Rs. 350 crores inclusive of premium through the process of Qualified Institutional Placement (QIP) subject to the applicable laws and regulations including the guidelines issued by RBI and SEBI by passing an enabling resolution at its ensuing Annual General Meeting.

The City Union Bank Ltd stock was trading at Rs.53.20, up by Rs.1.15 or 2.21%. The stock hit an intraday high of Rs.53.40 and low of Rs.51.10.

The total traded quantity was 0.94 lakhs compared to 2 week average of 3.37 lakhs.

Source : Equity Bulls

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