Bank of Baroda plans to sell its 98.57% stake in Nainital Bank

14 Dec 2022 , 08:28 AM

On Tuesday, state-owned Bank of Baroda (BoB) announced its intention to sell the majority of its shares in Nainital Bank.

According to the lender’s regulatory filing, the bank’s board of directors has authorized the sale of its majority stake in Nainital Bank Limited (NBL) and the issuance of an advertisement inviting expressions of interest (EOI) through preliminary information memoranda (PIM) from interested parties (IPs).

Currently, BoB owns 98.57% of NBL’s total equity share capital.

The PIM, which will be released on Wednesday in order to solicit EOI from bidders, contains information regarding the transaction’s procedure, according to the statement.

On the orders of the Reserve Bank of India, the Mumbai-based BoB had acquired control of Nainital Bank in 1973. (RBI).

About 150 Nainital Bank branches may be found throughout Uttarakhand, Uttar Pradesh, Delhi, Haryana, and Rajasthan.

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