Nainital Bank raises Rs 100 crore through rights issue

New Delhi: Nainital Bank, a subsidiary of public sector lender Bank of Baroda (BoB), on Monday said that it has raised around Rs 100 crore through a rights issue to meet future capital requirements. BoB holds 98.57 percent stake in the Nainital Bank. The amount was raised on March 29, Nainital Bank said in a statement.

The bank's business touched the Rs 12,305 crore mark as on March 31. Net NPA stood at 2.5 percent, Provision Coverage Ratio at 80 percent and Capital to Risk Assets Ratio (CRAR) at 16 percent as per latest figures (unaudited), it said. The board of BoB in December approved a proposal to sell its majority stake in Nainital Bank.

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