Netherlands-based bank sells 4.32% stake in City Union Bank

Tags: News
A Netherlands-based bank today offloaded its entire 4.32 per cent stake in private lender City Union Bank worth for Rs 147 crore through an open market transaction.

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N V, which held 2,34,37,500 shares or 4.32 per cent stake in City Union Bank at the end of March quarter, today sold its entire holding in the bank.

The shares were offloaded at an average price of Rs 63 valuing the transaction at Rs 147.66 crore, as per information available with stock exchanges.

Meanwhile, Lavender Investments Ltd purchased 2.21 crore shares of the bank for Rs 140 crore.

Earlier this week, the Reserve Bank of India (RBI) allowed foreign institutional investors to purchase up to 35 per cent of the paid-up capital of the bank.

RBI said that it has removed City Union Bank from its banned list, allowing it to raise the FII investment limit up to 35 per cent of its paid-up capital as the foreign shareholding limit had gone below the threshold level.

Shares of City Union Bank today surged by 4.71 per cent to close at Rs 64.45 apiece on the BSE.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India must take the UN’s lead in recognising gay rights

    In what has by now become a matter of course, our judiciary again demonstrated that it is miles ahead of our government in terms of staying in tune wi

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

Today's Columns

Urs Schoettli

Lee’s legacy will always guide Singapore

LEE Kuan Yew, the father of modern Singapore, died last ...

Rajgopal Nidamboor

Forget the past and embrace the present

It is all right to believe that one should always ...

Bubbles Sabharwal

Relationships and bitter realities

It’s a tangled web we spin The relationships we make, break ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture