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L & T to take stake in City Union Bank

CHENNAI: The board of City Union Bank at its meeting held on Thursday has recommended to the shareholders to consider preferential allotment of up to 26.65 lakh equity shares (9.99 per cent post-issue) to Larsen & Toubro Ltd. at a price of Rs. 169 per share (including a premium of Rs. 159 per share) subject to the approval of the shareholders and the Reserve Bank of India. According to a release, L & T expressed its interest in investing in CUB as part of its investment portfolio viewing the same an attractive investment opportunity..

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