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Netherlands bank sells City Union Bank stake

Netherlands bank Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden has sold its entire 4.32% stake in Indian private bank City Union Bank worth for Rs 147 crore. The sale happened through an open market transaction. The bank held 2,34,37,500 shares in City Union Bank. The shares were offloaded at an average price of Rs 63. Meanwhile, Lavender Investments purchased 2.21 crore shares of the bank for Rs 140 crore. Earlier this week, the Reserve Bank of India allowed foreign institutional investors to purchase up to 35% 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% of its paid-up capital as the foreign shareholding limit had gone below the threshold level.

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