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Our Bureau

Coimbatore , Jan 2

The shareholders of Kumbakonam-based City Union Bank Ltd (CUB) have approved the proposal to make a preferential allotment of shares to L&T.

In a notification to the NSE today, the bank said that at the EGM on December 29 shareholders gave consent to the preferential issue of 26,65,000 equity shares of Rs 10 each at Rs 169 a share to L&T. This is subject to the approval of the RBI.

The shareholders have also approved increase in the authorised capital from Rs 30 crore to Rs 100 crore and fixing a cap of 26 per cent on the total shareholding by foreign entities, including NRIs. Currently, foreign investors hold 5.8129 per cent of the paid-up capital..

On Tuesday, the bank's shares closed at Rs 170.50 (Rs 163.30) on the NSE with around 5.59 lakh shares being traded.

More Stories on : Preferential Allotments | Larsen & Toubro Ltd | Private Banks

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CUB gets nod for allotting shares to L&T

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