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City Union Bank has completed raising ₹350 crore through qualified institutional placement of equity shares to foreign and domestic institutional investors. The issue was oversubscribed 3.38 times aggregating to ₹1,181.39 crore.
The shares were placed at an issue price ₹75.05 a share (including premium). The issue was open only for a few hours, between July 14 evening and morning of July 15.
The fund is to support the bank’s business plan and address its capital requirement.
The QIP Management Committee allotted ₹350 crore worth of shares (comprising ₹115 crore to FIIs and ₹235 crore to DIIs on Tuesday). On Wednesday, CUB shares closed flat at ₹77.30, on the BSE.
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