L&T Finance has sold 4.55% equity stake in City Union Bank. The company has sold this stake at a price of Rs 73.75 per share via block deal.
Recently, Reserve Bank of India (RBI) allowed foreign institutional investors to purchase up to 35% of the paid-up capital of the City Union Bank. The bank passed resolutions at the board of directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs).
City Union Bank reported 4.53% rise in its net profit at Rs 89.08 crore for third quarter ended December 31, 2013 as compared to Rs 85.22 crore for the same quarter in the previous year. Total income of the bank increased by 14.39% at Rs 710.90 crore for quarter under review as compared to Rs 621.47 crore for the quarter ended December 31, 2012.
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