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CUB gets RBI nod for preferential issue

CHENNAI: City Union Bank has received approval from the Reserve Bank of India for the preferential issue of equity shares to Larsen & Toubro. The bank proposes to allot 12 lakh equity shares of Rs. 10 each at a price of Rs. 169 per share (including a share premium of Rs. 159 per share) in the Board Meeting of CUB to be held on March 29 at Chennai. The issue was earlier approved by the shareholders of the Bank at their extraordinary general meeting held on December 29, 2006, says a release.

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