City Union Bank EGM approves preferential issue at Rs.169

City Union Bank Ltd has announced that the members of the Bank at its Extra ordinary General Meeting held on December 29, 2006 have accorded their consent to the preferential issue of 26,65,000 equity shares of Rs 10/- each at a price Rs 169/- per share including a share premium of Rs 159/- per share to Larson & Toubro Ltd. This is subject to the approval of Reserve Bank of India. Further they have also accorded their approval for the increase in the Authorised Capital from Rs 30 Crores to Rs 100 Crores and fixing a cap of 26% for the total shareholding of bank's shares by Foreign entities including NRIs.

Source : Equity Bulls

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