Shares of public sector bank (PSB) Bank of Baroda (BoB) were locked in at over three per cent upper circuit to hit its fresh 52-week high mark of 233.75 apiece on the after the bank invited buyers to sell stake in its New Zealand arm on Wednesday, December 27.

The country's second-largest PSB said in a newspaper advertisement, "Request for proposal for selection of investment banker for sale/disinvestment of Bank of Baroda's entire 100 percent stake in Bank of Baroda (New Zealand )." The bank has set the deadline for submission of the proposal at 2:00 pm on January 24. "All liabilities of Bank of Baroda (New Zealand) Ltd are guaranteed by its parent bank," said the bank. "Any private/ public limited company/ LLP/ Firm across the globe can participate in the tender process," said the statement. Bank of Baroda has 93 overseas branches or offices across 17 countries 8,200 domestic branches, of which 4,942 rural and semi-urban. According to stock market experts, Bank of Baroda board has declared to generate fund to the tune of 2500 crore via Basel III bonds. BoB shares hit a nine-uear high mark earlier this month and the bond was the major reason behind the rally. They said that a bank issues such long-term maturity bonds when they see credit growth. Experts added that BoB is a 'portfolio stock' and one should keep this stock for at least one to two years. MORE TO COME BANK OF BARODA Livemint tops charts as the fastest growing news website in the world to know more.
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