Bank of Baroda (BoB) has received a fairly good response from reputed institutions, including private equity funds, international financial institutions and small finance banks, to its expression of interest for bringing in strategic partner in subsidiary Nainital Bank Ltd (NBL).The public sector bank is planning to divest majority stake and relinquish its control of the subsidiary. BoB holds a 98.57 per cent stake in NBL.Sanjiv Chadha, MD and CEO, BoB, said private equity funds, international financial institutions, and some small finance banks have evinced interest in NBL. “So, there is a variety of interest. But again you don’t expect that any single player would probably pick up…
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Category: Nainital Bank
Premji Invest, Zerodha, MobiKwik eye stake in Nainital Bank
Image Credits: Dhiraj Singh / BloombergA number of venture investors and startups are engaging with Bank of Baroda to acquire a stake in the lender’s subsidiary Nainital, according to people familiar with the matter.
Premji Invest, stock broking giant Zerodha and Peak XV-backed fintech startup MobiKwik are among the prospective backers that have held conversations with Bank of Baroda, which has agreed to sell a significant stake in the subsidiary, the people said, requesting anonymity as the deliberations are private.
Private equity firms Multiples and Gaja Capital have also engaged with the lender, one person said. MobiKwik is leading one of the groups that is…
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Source: https://techcrunch.com/2023/10/06/premji-invest-and-zerodha-eye-stake-in-nainital-bank/amp/
Nainital Bank raises Rs 100 cr via rights issue to meet future requirements
Nainital Bank, a subsidiary of public sector lender Bank of Baroda (BoB), on Monday said it has raised around Rs 100 crore through a rights issue to meet future capital requirements. BoB holds 98.57 per cent stake in Nainital Bank. Click here to follow our WhatsApp channel The amount was raised on March 29, 2023, Nainital Bank said in a statement. Nainital Bank has a presence in Uttarakhand, Uttar Pradesh, Delhi & NCR, Rajasthan and Haryana with 168 branches, it said. The bank’s business touched the Rs 12,305-crore mark as on March 31, 2023. Net NPA stood at 2.50 per cent, Provision Coverage Ratio at 80 per cent and Capital to Risk Assets Ratio (CRAR) at 16 per cent as per latest…
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