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City Union to seek shareholders approval on QIP: MD&CEO

Press Trust of India  |  Chennai 

Tamil Nadu-based will seek shareholders approval for a proposal to raise funds of about Rs 500 crore through Qualified Institutional Placement, its top official said today.

The private sector lender would hold the shareholders meeting on August 23 to take a call on the matter, MD and CEO N Kamakodi said here.


".. We are planning (to raise) Rs 500 crore through QIP," he told reporters here, adding, it will be used based on market opportunities.

According to him, the bank's tier-I capital as of June 30, 2017 was at 15.40 per cent and was "adequately capitalised."

Responding to a query, Kamakodi said the approval from the shareholders was valid for a period of one year.

"Since, the approval (of shareholders) is valid for one year, we will raise (funds) when there is a need," he said.

Kamakodi and senior officials were here to announce the bank's financial performance for April-June 2017 quarter.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 09 2017. 17:02 IST
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