The restiction was lifted after the company board passed resolution for purchase of equity shares by FIIs/RFPIs/QFIs up to 40 per cent (from 35 per cent earlier) of their paid-up capital.
The RBI today notified that foreign investment limit in City Union Bank has been raised to 40 percent, following which the restriction placed on purchase of shares of the firm by overseas investors has been lifted.
"...the foreign shareholding by FIIs/RFPIs in City Union Bank has gone below the revised threshold limit stipulated under the extant FDI Policy. "Hence, the restrictions placed on the purchase of shares of the above company on July 18, 2014 are withdrawn with immediate effect," RBI said a release.
Earlier the limit for such investment was 35 percent. The restiction was lifted after the company board passed resolution for purchase of equity shares by FIIs/RFPIs/QFIs up to 40 per cent (from 35 per cent earlier) of their paid-up capital.
"Equity shares of City Union Bank can now be purchased through primary market and stock exchanges," RBI said.
City Union Bank stock price
On September 24, 2014, City Union Bank closed at Rs 78.50, down Rs 3.3, or 4.03 percent. The 52-week high of the share was Rs 87.45 and the 52-week low was Rs 41.65.
The company's trailing 12-month (TTM) EPS was at Rs 5.98 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 13.13. The latest book value of the company is Rs 34.07 per share. At current value, the price-to-book value of the company is 2.30.
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