Latest News | BoB Proposes to Sell Its Majority Stake in Nainital Bank

New Delhi, Dec 13 (PTI) 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 lender said in a regulatory filing.

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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.

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The Mumbai-based BoB had taken over Nainital Bank in 1973 on the directions of the Reserve Bank of India (RBI).

Uttarakhand-based Nainital Bank has about 150 branches across Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)