The City Union Bank Limited got its board approval to raise around Rs 350 crore by way of Qualified Institutional Placement (QIP).
The Tamil Nadu-based privately owned bank said that it will seek shareholders' approval in the upcoming AGM for the proposed fund raising plan.
N Kamakodi, managing director and chief executive officer, City Union Bank said, “We will move an enabling resolution and we are in no hurry to raise the money immediately."
The bank's announcement to the National Stock Exchange said that the Board of Directors at its meeting held on June 22, 2012 has "resolved to seek the approval of the shareholders of the bank to augment capital upto Rs 350 crore".
