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NT Bureau
Chennai, Mar 23:

        City Union Bank Ltd, the Kumbakonam-based private bank, has received approval from the Reserve Bank of India for the preferential issue of equity shares to Larsen & Toubro Ltd.

        The Bank has proposed to allot 12 lakh equity shares of Rs 10 each at a price of Rs 169 per share (including a share premium of Rs 159 per share) at the Board meeting to be held on 29 March in Chennai.

        The issue of preferential shares to Larsen & Toubro was earlier approved by the shareholders of the bank at their extra-ordinary general meeting held on 29 December, 2006.