Placement (QIP) route in order to facilitate its business expansion objectives.
The bank’s board of directors approved the capital raising proposal through the QIP route during a meeting. City Union Bank stated in a regulatory filing that it would seek shareholders’ approval for the capital raise plan at the upcoming annual general meeting.
It was noted that the bank had previously obtained shareholders’ approval for a ₹500 crore QIP last year, but it was not utilized.
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