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Chennai, Feb. 14

The City Union Bank (CUB) has announced to the stock exchanges that it would go in for another round of equity funding. The terse announcement does not give any details and officials of the bank have declined comment. However, it may be remembered that the bank had sought to raise Rs 45 crore by issuing shares to L&T, but since the RBI pared the offer, it could raise only Rs 20 crore. At that time, officials at City Union Bank had said that the bank would go in for a s econd round of funding for about Rs 400 crore. But in more recent informal discussions, sources said the funding might be around Rs 250 crore. The bank is yet to decide on the prospective stake-takers. But it may be noted that Dutch multilateral funding agency, FMO, DEG of Germany and IFC, Washington were among those who showed interest in investing in the bank.

— Our Bureau

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