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City Union Bank raises dividend, plans to issue bonus shares

India-based City Union Bank Ltd. declared a higher final dividend for fiscal 2016-2017 and announced plans to issue bonus shares.

The bank said its board recommended a final dividend of 30 Indian paise per share, up from 20 paise per share in the prior fiscal year.

Meanwhile, the bank said it expects to issue 1 bonus share for every 10 equity shares held, subject to shareholders' approval. Based on the the bank's share capital as of May 29, it expects to issue 60,106,488 new shares as part of the bonus share issue.

The bank said it expects to issue such bonus shares by July 29.

As of May 26, US$1 was equivalent to 64.50 Indian rupees.