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

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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.

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