Bank Of Baroda - Reply to Clarification Sought

21 Feb 2022 , 12:00 AM

Bank Of Baroda The Exchange had sought clarification from Bank Of Baroda with respect to announcement dated 11-Feb-2022, regarding acquisition of 21% stake of Union Bank of India in India First Life Insurance Company Limited by Bank of Baroda. On basis of above the Company was required to clarify following: 1. Name of the target entity, details in brief such as size, turnover etc; 2. Whether the acquisition would fall within related party transactions and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at arms length; 3. Industry to which the entity being acquired belongs; 4. Brief details of any governmental or regulatory approvals required for the acquisition; 5. Indicative time period for completion of the acquisition; 6. Cost of acquisition or the price at which the shares are acquired; 7. Nature of consideration – whether cash consideration or share swap and details of the same; 8. Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief). The response of the Company is attached.