City Union Bank to raise up to Rs 500 cr via QIP

New Delhi: City Union Bank on Wednesday said it will raise Rs 500 crore from qualified institutional players. The board of directors at a meeting approved raising of further capital through the QIP route to the tune of Rs 500 crore, City Union Bank said in a regulatory filing.

The private sector lender said that its annual general meeting (AGM) is scheduled to be held on August 18, 2022, and it will seek shareholders approval for the capital raise plan.

The lender said that last year also it obtained shareholders' approval for raising capital through QIP but it didn't utilised the same.

Shares of CUB closed at Rs 141.55 apiece on BSE, up by 1.11 per cent from previous close. PTI KPM MR