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City Union Bank Ltd To Raise INR258 Crore (INR2.58 Billion)-Business Standard


Wednesday, 5 Dec 2012 08:44am EST 

Business Stand rad reported that City Union Bank Ltd is planning to raise INR258 crore (INR 2.58 billion) through sale of shares to investors on rights basis as well as issue of equity to its employees. The bank said it would issue a total of 12.89 crore equity shares including 10.24 crore shares under the rights basis and the remaining 2.65 crore shares would be reserved for employees, according to letter of offer filed by the bank with market regulator Sebi showed. The issue comprises of issue of 10.24 crore equity shares to the equity shareholders of the banks on rights basis in the ratio of one equity share for every four equity shares...Aggregating upto INR204.98 crore (INR2.04 billion) and a reservation of upto 2.65 equity shares for the eligible employees of the bank aggregating upto INR53 crore (INR530 million). The proceeds of the issue would be used to strengthen the bank's capital base to support future growth. Edelweiss Financial Services is acting as lead manager to the issue, while Karvy Computershare is the registrar. 

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