City Union Bank gains 2% on strong response to share sale

Shares of  City Union Bank rose 2 percent on burly answer to its share sale to hoist up to Rs 350 corer.
City Union Bank on Monday sunset launched a share sale for institutional investors to lift up Rs 250-350 crore, phrase sheet showed.
Floor price for the share sale had been permanent at Rs 75.05 a share, the lender said in a report
The bank's share sale has been oversubscribed by almost 2.5 times, people occupied in the method said.
At 10:33 hrs City Union Bank was quoting at Rs 75.00, up Rs 0.65, or 0.87 percent on the BSE.

Weakness in banks, RIL drag Nifty below 7,400

Markets have come off morning lows as gains in SBI and metal major capped losses in heavyweights. At 1040 hrs, the Sensex was down 88 points at 24,717 and the Nifty was down 16 points at 7,385.

Meanwhile, the broader market firmed with both the mid and smallcap indices adding 0.8% each.

Oil & Gas, Auto and Bankex were the only indices in red, down 0.2-0.6%. Defensives like IT and FMCG indices were down 0.1% each.