Issue opens on 14 July 2014
City Union Bank announced that subsequent to the approval accorded by the Board of Directors of the Bank, at its meeting held on 29 July 2013 and the approval of the shareholders of the Bank by way of a special resolution dated 30 August 2013 for the QIP, the QIP Management Committee of the Bank has, at its meeting held today i.e. 14 July 2014, inter alia, passed resolutions in connection with the following:(i) authorizing the opening of the Qualified Institutions Placement of equity shares of face value of Rs. 1 each (the "Equity Shares") by City Union Bank (the "Bank") under Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the "SEBI Regulations") and Section 42 of the Companies Act, 2013 (including the rules made thereunder) to Qualified Institutional Buyers (the "QIBs") as defined under Regulation 2(l)(zd) of the SEBI Regulations (the "QIP"), on 14 July 2014; and
(ii) approving and adopting the preliminary placement document dated 14 July 2014, in connection with the QIP, (the "Preliminary Placement Document").
2. The 'Relevant Date' for this purpose, in terms of Regulation 81(c)(i) of the SEBI Regulations, is 14 July 2014 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI Regulations is Rs 75.05 per Equity Share.
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