Edelweiss Financial raises ₹350 cr

Edelweiss Financial Services Ltd announced that it has completed City Union Bank’s Qualified Institutions Placement (QIP) of ₹350 crore. The bank has placed 46,635,576 equity shares of face value of ₹1 each at ₹75.05 a share, including a premium of ₹74.05 a share. Edelweiss acted as the sole global co-ordinator and book running lead manager to the issue. This is the third fundraise done by Edelweiss for the bank, it said. City Union Bank intends to use the net proceeds received from the issue to augment its capital base to meet the capital adequacy requirements arising out of growth in the business and to leverage on available business opportunities.