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City Union Bank announced on Monday that its Board approved a fundraising of ₹500 crore through qualified institutional placement (QIP) of its equity shares.
In a regulatory filing, the Tamil Nadu-based lender said last year that the bank also obtained the shareholders’ approval for raising capital through QIP but has not utilised the same.
Shares of City Union Bank closed at ₹122.30 apiece on the National Stock Exchange, 2 per cent higher than Friday’s closing price.
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