TechCrunch

Premji Invest and Zerodha eye stake in Nainital Bank

A number of venture investors and startups are engaging with Bank of Baroda to acquire a stake in the lender’s subsidiary Nainital, according to people familiar with the matter. Premji Invest and stock broking giant Zerodha are among the prospective backers that have held conversations with Bank of Baroda, which has agreed to sell a significant stake in the subsidiary, the people said, requesting anonymity as the deliberations are private. Bank of Baroda, which owns more than a 98% stake in Nainital Bank, has been looking to divest its stake in Nainital Bank, which operates in five Indian states and has over 140 branches, for over a year at the direction of the regulator.