Nainital Bank Limited raises Rs. 100 Crore through Rights Issue

 by Shrutee K

Nainital, April 3, 2023: Nainital Bank Limited (NBL), a Scheduled Commercial Private Sector Bank, which is being managed by Bank of Baroda since 1973, with Bank of Baroda holding a 98.57% stake as on date, has raised around Rs. 100.00 Crore through a Rights Issue on March 29, 2023.

Mr. Nikhil Mohan, MD & CEO, Nainital Bank said, “To meet Nainital Bank’s future capital requirements, which are expected to arise as the Bank continues on its growth trajectory and to ensure compliance with regulatory requirements on capital adequacy prescribed by the Reserve Bank of India from time to time, the Bank has raised around Rs. 100.00 Crore through a Rights Issue.”

Nainital Bank has a presence in five States (Uttarakhand, Uttar Pradesh, Delhi & NCR, Rajasthan and Haryana) with 168 branches. NBL’s business has touched the Rs. 12,305.00 Crore mark as on March 31, 2023. The Bank’s Net NPA stood at 2.50%, Provision Coverage Ratio at 80.00% and CRAR at 16.00% as per latest figures (unaudited).

About Nainital Bank: Nainital Bank was promoted by the veteran freedom fighters Late Bharat Ratna Pandit Govind Ballabh Pant, Late Shri Mathura Dutt Pande, Late Shri Parma Sah and others in the year 1922. In the year 1973, RBI directed that Bank of Baroda, a premier public sector bank manage the affairs of NBL.