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City Union Bank plans to issue shares, names directors

City Union Bank Ltd. is seeking shareholder approval for a planned share issuance and the appointments of new directors and a new statutory central auditor.

The bank said Aug. 1 that it plans to raise up to 5 billion Indian rupees via an issuance of equity shares in one or more placements. The shares will be issued within 12 months of the issuance being approved by the bank's shareholders.

Meanwhile, the bank appointed Subramaniam Narayanan and R. Mohan as independent directors, effective Aug. 23.

In addition, the bank appointed Sundaram & Srinivasan, Chartered Accountants, as statutory central auditor to replace P. Chandrasekar, Chartered Accountants.

The bank's shareholders are scheduled to consider the proposals Aug. 23.

As of Aug. 1, US$1 was equivalent to 64.07 Indian rupees.