BoB proposes to sell its majority stake in Nainital Bank

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.

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 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.