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State-owned Financial institution of Baroda (BoB) on Tuesday mentioned it plans to promote its majority stake in Nainital Financial institution. The board of administrators of the financial institution has permitted divestment of its majority shareholding in Nainital Financial institution Restricted (NBL), and authorised issuance of an commercial inviting Expressions of Curiosity (EOI) by a Preliminary Info Memorandum (PIM) from events (IPs), the lender mentioned in a regulatory submitting.
BoB at present holds 98.57 per cent of the full fairness share capital of NBL.
Particulars in regards to the technique of transaction are given within the PIM, which can be printed on Wednesday for inviting EOI from bidders, it mentioned.
The Mumbai-based BoB had taken over Nainital Financial institution in 1973 on the instructions of the Reserve Financial institution of India (RBI).
Uttarakhand-based Nainital Financial institution has about 150 branches throughout Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan.
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