Hacked by islam_Bey imhatimi.org

City Union Bank Ltd has informed BSE that the Shareholders at the Extra Ordinary General Body Meeting (EGM) of the Bank held on April 26, 2008, have accorded their approval / consent for issue of 8,00,00,000 Equity shares through Qualified Institutional Placement to Qualified Institutional Buyers and issue of 5,00,00,000 Equity shares Option to employees and Directors. This is subject to the applicable laws and regulations including RBI & SEBI Guidelines.

City Union Bank Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Bank will be held on April 26, 2008, inter alia, to transact the following business:

1. To offer, issue and allot, by way of Qualified Institutional Placement (QIP), to Qualified Institutional Buyers (QIB), in terms of Chapter XIII-A of the Guidelines, whether or not such investors are existing Members of the Bank, through one or more placements equity shares not exceeding 8,00,00,000 Equity Shares of Rs 1/- each at such price or prices including premium on each share, as the Board or the appointed Committee thereof may determine in accordance with the Guidelines and where necessary in consultation with the Lead Manager and / or other Advisors, subject to necessary provisions & approvals.

2. To create, issue, grant / allot upto 5,00,00,000 equity stock options to the eligible present and future employees including Directors of the Bank in one or more tranches through Employees Stock Option Scheme (ESOS) of the Bank which entitles the option holders to subscribe to 1 (one) equity share of the Bank of Re 1/- each and in the aggregate 5,00,00,000 equity shares aggregating face value of Rs 5,00,00,000/- at such price, in such manner, during such period and on such terms and conditions and in the manner as may be determined by the “Board”, subject to necessary provisions & approvals.

City Union Bank Ltd has informed BSE that the Bank shall publish the audited financial results for the last quarter ended March 31, 2008 within a period of three months from the end of the last quarter of the financial year (on or before June 30, 2008). Therefore, the Company is not furnishing the unaudited financial results for the quarter ended March 31, 2008.

City Union Bank Ltd has informed BSE that Shri. VR Arunachalam, Dr. S Kasinathan and Shri. K V Raman has vacated their office of Directors on February 25, 2008 on completion of continuous eight years in terms of Section 10A (2-A) (i) of the Banking Regulation Act, 1949. The Board of Directors of the Bank at its meeting held on March 28, 2008 has taken note of the above.

City Union Bank Ltd has informed BSE that the Board of Directors of the Bank at its meeting held on March 28, 2008, has decided to convene an Extraordinary General Meeting of the shareholders of the bank on April 26, 2008 for getting the consent of the shareholders for

a. Further issue of 8,00,00,000 equity shares of Re 1/- each by way of Qualified Institutional Placement at the best possible price in accordance with the SEBI guidelines and subject to necessary approvals.

b. To issue 5,00,00,000 equity stock options to the eligible employees / directors under Employee Stock Option Scheme subject to necessary regulatory approvals.

The relevant date for the purpose of QIP issue is March 27, 2008.

City Union Bank Ltd has informed BSE that the Board at its meeting held on February 22, 2008 had decided to raise further equity capital through Qualified Institutional Placement (QIP) / Preferential Allotment and to introduce Employee Stock Option Scheme subject to the applicable laws and regulations including RBI & SEBI Guidelines. The stock exchanges were duly informed about this action.

Accordingly, the Bank approached Reserve Bank of India for their in principle approval / no objection for the proposed issues and have received their in principle approval / no objection on March 25, 2008 for the same.

Now, the Bank has informed that, a meeting of the Board of Directors of the Bank will be held on March 28, 2008 to discuss and decide further course of action based on the reply received from Reserve Bank of India.

City Union Bank Ltd has informed BSE about the following changes in the Board of Directors of the Bank:

1. Shri. M Naganathan and Shri. N Sankaran has been co-opted as directors by the Board at its meeting held on February 22, 2008.

2. Shri. S Rajaratnam and Shri. M Mahalingam has resigned their office as Directors of the Bank and their resignation was accepted by the Board at its meeting held on February 22, 2008.

City Union Bank Ltd has informed BSE that the Board of Directors of the Bank at its meeting held on February 22, 2008, inter alia, has decided the following:

1. Recommended a interim dividend @ 30% on the equity shares for the financial year 2007-2008.

2. To raise further equity capital through Qualified Institutional Placement (QIP) / Preferential Allotment.

3. To introduce Employee Stock Option Scheme

subject to the applicable laws and regulations including RBI & SEBI Guidelines.

City Union Bank Ltd has informed BSE that a meeting of the Board of Directors of the Bank will be held on February 22, 2008, inter alia, to consider the following:

1. To consider declaration of interim dividend for the financial year 2007-08 and also for fixation of record date, for the purpose of ascertaining the Members and beneficial holders who are entitled for interim dividend, if declared at the board Meeting.

2. To consider further issue of equity shares subject to the applicant laws and regulations including RBI & SEBI Guidelines.