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

A Netherlands-based bank today offloaded its entire 4.32 percent 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 percent 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.

Also Read: Wasatch Advisors buys 16.50 lakh shares of Shriram City

Earlier this week, the Reserve Bank of India (RBI) allowed foreign institutional investors to purchase up to 35 percent 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 percent 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 percent to close at Rs 64.45 apiece on the BSE.

City Union Bank stock price

On April 17, 2014, City Union Bank closed at Rs 56.00, up Rs 0.60, or 1.08 percent. The 52-week high of the share was Rs 59.60 and the 52-week low was Rs 37.95.

The company's trailing 12-month (TTM) EPS was at Rs 6.37 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 8.79. The latest book value of the company is Rs 30.30 per share. At current value, the price-to-book value of the company is 1.85.

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