City Union Bank approves preferential issue to investors

City Union Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on May 04, 2007, subject to the approvals of Shareholders and Reserve Bank Of India approved preferential issues as follows:

Name of the Investors:

1. LIC of India - Upto 15,00,000 Equity Shares
2. Larsen & Toubro Ltd - Upto 3,00,000 Equity Shares
3. FMO, Netherlands - Upto 15,00,000 Equity Shares
4. Ares Investments LLC - Upto 12,50,000 Equity Shares
5. Argonaut Ventures - Upto 12,50,000 Equity Shares
6. Yatish Trading Company Pvt Ltd - Upto 10,00,000 Equity Shares

The said issue would be for cash on preferential basis which is in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2002 on preferential issues.

Further the Board decided to convene an Extraordinary General Meeting to obtain the approval of shareholders with regard to the above on June 02, 2007.

Source : Equity Bulls

Keywords