City Union Bank to raise Rs. 350 crores through QIP

The Board of Directors of City Union Bank Ltd at its meeting held on July 29, 2013, has resolved to seek the approval of the shareholders of the Bank to augment capital upto Rs. 350 crores inclusive of premium through a 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.

Shares of City Union Bank Ltd was last trading in BSE at Rs.46.45, down by Rs.1.25 or 2.62%. The stock hit an intraday high of Rs.47.90 and low of Rs.45.80.

The total traded quantity was 2.47 lakhs compared to 2 week average of 1.13 lakhs.

Source : Equity Bulls

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