City Union Bank rose 1.33% to Rs 102.70 at 10:42 IST on BSE after the bank's board of directors approved raising funds through QIP route.
The announcement was made after market hours yesterday, 22 June 2015,
Meanwhile, the S&P BSE Sensex was up 143.30 points or 0.52% at 27,873.51
On BSE, so far 10,434 shares were traded in the counter as against average daily volume of 1.43 lakh shares in the past one quarter.
The stock hit a high of Rs 103.35 and a low of Rs 102.50 so far during the day. The stock had scaled a record high of Rs 105.65 on 11 June 2015. The stock hit a 52-week low of Rs 70.75 on 13 August 2014.
The stock had outperformed the market over the past one month till 22 June 2015, rising 1.6% compared with 0.81% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 5.74% as against Sensex's 1.88% fall.
The mid-cap private sector bank has an equity capital of Rs 59.66 crore. Face value per share is Re 1.
City Union Bank announced that the board of directors of the bank at its meeting held yesterday, 22 June 2015 resolved to seek shareholders' approval for an enabling resolution to raise equity capital including premium upto Rs 500 crore through Qualified Institutions Placement (QIP) as and when necessary subject to the applicable laws and regulations including the guidelines issued by Sebi and RBI. The board has also finalized the agenda for annual shareholders meeting to be held in the month of August 2015, City Union Bank said.
City Union Bank's net profit rose 18.9% to Rs 99.08 crore on 11.6% growth in total income to Rs 804.53 crore in Q4 March 2015 over Q4 March 2014.
City Union Bank is a private sector bank.
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