City Union Bank grants 1:4 rights at Rs 20

 Private sector lender City Union Bank, in a regulatory filing to the BSE, said on Saturday that its Board of Directors has approved a rights issue of equity shares (face value Re 1) at a premium of Rs 19 per share at a ratio of 1:4. The bank will issue 10.24 crore shares, out of which 2.65 crore shares will be reserved for employees.

The bank reported a 4 per cent growth in its net profit for the quarter ended September 30, 2012 at Rs 80.42 crore, compared to Rs 77.52 crore for the same period last year, despite a 218 per cent increase in provisions and contingencies at Rs 27.88 crore, up from Rs 8.75 crore during the quarter ended September 30, 2011.

The net interest income was Rs 531 crore for the quarter ended September 30, 2012, up from Rs 411 crore during the same period last year.

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