City Union Bank to raise funds through rights issue, QIP issue

City Union Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on June 30, 2009, inter alia, have resolved to issue 8,00,00,000 equity shares of Rs 1/- each on Rights basis at a suitable premium in the ratio of one equity share for every four shares held by the shareholders of the bank as on the record date to be decided by the Board, after complying with the applicable laws and regulations including RBI & SEBI Guidelines.

The Board approved issue of equity shares by way of Qualified Institutional Placement (QIP) route up to Rs 300 Crs in accordance with the SEBI Guidelines and subject to necessary approvals.

The stock closed the day at Rs.23.15, down by Rs.0.35 or 1.49%. The stock hit an intraday high of Rs.24.45 and low of Rs.23.

The total traded quantity was 325834 compared to 2 week average of 253584.

Source : Equity Bulls

Keywords