Bank of Baroda announced that its board of directors has approved the divestment of its majority stake in Nainital Bank. The board of directors of the Mumbai-based bank has authorised the publication of an advertisement inviting expressions of interest (EOI) via a preliminary information memorandum (PIM) from interested parties (IPs).
The government-backed lender currently owns 98.57% of Nainital Bank’s total equity share capital. In 1922, Late Bharat Ratna Pandit Govind Ballabh Pant and a few prominent Nainital residents promoted.
As of 31 March 2022, the bank’s authorised equity share capital is Rs 150 crore (divided into 15 crore shares), and its issued, subscribed, and paid-up capital was Rs 77.50 crore (divided into 7.75 crore shares). Nainital Bank NBL. The Reserve Bank of India (RBI) tasked Bank of Baroda with managing the affairs of NBL in 1974.
Bank of Baroda is one of India’s largest banks, with a strong domestic presence that includes 8,161 branches, 11,461 ATMs and cash recyclers, and self-service channels.