City Union Bank to raise Rs 500-cr through QIP

Fund-raising part of business growth plans

City Union Bank Ltd is looking at raising around Rs 500 crore through Qualified Institutions Placement (QIP) as part of its business growth plans.

The Bank today informed Bombay Stock Exchane that its Board of Directors at its meeting held on June 22, resolved to seek shareholders' approval for an enabling resolution to raise equity capital including premium upto Rs 500 crore through QIP as and when necessary subject to the applicable laws and regulations including the guidelines issued by Sebi and RBI.