City Union Bank to raise up to Rs 300 cr through QIP

Mumbai, June 24:

Private sector City Union Bank on Friday said it plans to raise up to Rs 300 crore through qualified institutional placement (QIP) for business growth.

The board has approved to augment capital up to Rs 300 crore through a process of QIP, City Union Bank informed the Bombay Stock Exchange. However, fund raising plan is subject to shareholders approval, it said.

For the quarter ended March, the bank posted a 48 per cent rise in net profits at Rs 51 crore against Rs 35 crore for the same period a year ago.
source-Businessline
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