Business
Bank Of Baroda To Sell Its Majority Shareholding In Nainital Bank
Bank of Baroda. (Pradeep Gaur/Mint via Getty Images)
State-owned Bank of Baroda (BoB) on Tuesday said it plans to sell its majority stake in Nainital Bank.
The board of directors of the bank has approved divestment of its majority shareholding in Nainital Bank Limited (NBL), and authorised issuance of an advertisement inviting Expressions of Interest (EOI) through a Preliminary Information Memorandum (PIM) from interested parties (IPs), the BoB said in a regulatory filing.
BoB currently holds 98.57 per cent of the total equity share capital of NBL.
Details about the process of transaction are given in the PIM, which will be published on Wednesday for inviting EOI from bidders, it said.
The Uttarakhand-based Nainital Bank was established in the year 1922 with the objective to cater banking needs of the people of the region.
In the year 1973, Reserve Bank of India directed Bank of Baroda to manage the affairs of the Nainital Bank, following which the BoB had taken over the bank.
At present, the Nainital Bank has164 branches operating in Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan.
(With inputs from PTI)
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