City Union Bank nears record high after huge block deal

About 23.48 million shares, representing 4.33% of the total equity of City Union Bank, have changed hands at a price of Rs 64.30 per share on the BSE.

City Union Bank has soared more than 5% to Rs 64.85 on the back of heavy volumes on the Bombay Stock Exchange (BSE).

About 23.48 million shares, representing 4.33% of the total equity capital of City Union Bank, have changed hands at a price of Rs 64.30 per share in opening trades via block deal, the BSE data shows. However, the name of the buyers and sellers are not immediately known.

The stock opened at Rs 61.05 and has seen a combined 23.62 million shares changing hands on the counter so far on the BSE and NSE.

Currently, the stock of private sector bank is trading near lifetime highs of Rs 66 touched on January last year.

Meanwhile, on Monday, May 5, the Reserve Bank of India (RBI) allowed foreign institutional investors to purchase up to 35% of the paid-up capital of the bank.

RBI said that it has removed City Union Bank from its banned list, allowing it to raise the FII investment limit up to 35% of its paid-up capital as the foreign shareholding limit had gone below the threshold level.