Bank of Baroda to sell its entire stake in IIBMB

Bank of Baroda (BOB) has a locally incorporated Overseas Joint Venture (JV) with Indian Overseas Bank (IOB) and erstwhile Andhra Bank (AB) now Union Bank of India (UBI) in Malaysia viz. India International Bank (Malaysia) Berhad (IIBMB), in which BOB has 40% shareholding, while IOB and erstwhile AB now UBI have 35% and 25% shareholding respectively.

In light of discussion on business performance and projections of IIBMB, the Board of the Bank accorded approval for sale of its entire stake (BOB 40%) / Closure of operations of IIBMB in consultation with other JV partners. Reserve Bank of India has accorded no objection in this regard.

Shares of BANK OF BARODA was last trading in BSE at Rs.47 as compared to the previous close of Rs. 45.95. The total number of shares traded during the day was 3874187 in over 23597 trades.

The stock hit an intraday high of Rs. 47.5 and intraday low of 45.9. The net turnover during the day was Rs. 181499238.

Source : Equity Bulls

Keywords