City Union Bank to issue shares through QIP

City Union Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on March 28, 2008, has decided to convene an Extraordinary General Meeting of the shareholders of the bank on April 26, 2008 for getting the consent of the shareholders for further issue of 8,00,00,000 equity shares of Re 1/- each by way of Qualified Institutional Placement at the best possible price in accordance with the SEBI guidelines and subject to necessary approvals.

To issue 5,00,00,000 equity stock options to the eligible employees / directors under Employee Stock Option Scheme subject to necessary regulatory approvals.

The relevant date for the purpose of QIP issue is March 27, 2008.

The stock closed the day at Rs.29, up by Rs.0.95 or 3.39%. The stock hit an intraday high of Rs.29.75 and low of Rs.27.70.

The total traded quantity was 294476 compared to 2 week average of 143007.

Source : Equity Bulls

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