On Tuesday, the state-owned Bank of Baroda (BoB) said it planned to sell its majority stake in Nainital Bank.

The bank’s board has approved the divestment of its majority stake in Nainital Bank Limited (NBL) and authorised the issuance of an invitation for expressions of interest (EOI) via a preliminary information memorandum (PIM) from interested parties (IP), the lender in a regulatory filing.

BoB currently holds 98.57% of the total share capital of NBL. It said details of the deal process were given in the PIM, which will be released on Wednesday to invite bidders to submit expressions of interest.

In 1973, Bombay-based BoB took over the Nainital Bank under the direction of the Reserve Bank of India (RBI). Uttarakhand-based Nainital Bank has about 150 branches in Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan.