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Our Bureau

Chennai, May 4

City Union Bank plans to raise capital through the issue of up to 68 lakh equity shares on preferential basis (in exchange for cash), according to a Bombay Stock Exchange announcement.

Upon obtaining approvals from the RBI and shareholders, the company plans to issue equity shares to the following companies: LIC of India (up to 15 lakh equity shares), Larsen and Toubro Ltd (up to 3 lakh), FMO, Netherlands (up to 15 lakh), Ares Investments LLC (up to 12.5 lakh ), Argonaut Ventures (up to 12.5 lakh) and Yatish Trading company (up to 10 lakh). An extraordinary general meeting seeking shareholders' approval of this issue will be held on June 2, the announcement said.

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City Union Bank plans pref issue

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