state owned Bank of Baroda ,bob) on Tuesday said it plans to sell majority of its stake in Nainital Bank. The board of directors of the bank has approved the disinvestment of its majority stake Nainital Bank Ltd. (NBL), and authorized issuance of advertisement inviting Expression 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.
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Details about the transaction process are given in the PIM, which will be published on Wednesday inviting EOIs from bidders.
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Mumbai-based Bank of Baroda took over Nainital Bank in 1973. reserve Bank of India ,reserve Bank of India, Uttarakhand based Nainital Bank has around 150 branches in Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan.