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City Union Bank has rallied 7% to Rs 81 on reports that the bank’s qualified institutional placement (QIP) issue has been subscribed threefold. The bank aimed to raise around Rs 350 crore by diluting 7% stake.
The issue was opened on Monday evening. Sources said the bank has received around Rs 1,200 crore. They said this should suffice for supporting growth in the next three years, the Business Standard report suggests.
The fund raising is to support its business plan and address its capital requirements, it added.
The stock opened at Rs 76 and hit a record high of Rs 82 on National Stock Exchange (NSE). A combined 2.07 million shares changed hands on the counter so far on NSE and BSE.
The issue was opened on Monday evening. Sources said the bank has received around Rs 1,200 crore. They said this should suffice for supporting growth in the next three years, the Business Standard report suggests.
The fund raising is to support its business plan and address its capital requirements, it added.
The stock opened at Rs 76 and hit a record high of Rs 82 on National Stock Exchange (NSE). A combined 2.07 million shares changed hands on the counter so far on NSE and BSE.
