City Union Bank plans to raise up to Rs 500 cr via QIP

City Union Bank on Monday said it will raise Rs 500 crore through the Qualified Institutional Placement (QIP) route to fund business growth. The board of directors at a meeting approved raising of further capital through the QIP route to the tune of Rs 500 crore, City Union Bank said in a regulatory filing.

The private sector lender said that shareholders' nod would be sought in the annual general meeting for the capital raise plan.

Last year, the bank obtained shareholders' nod for raising Rs 500 crore through QIP but could not utilise, it said.