- Bank of Baroda's Abu Dhabi arm paid $600 million to NMC Health in a legal settlement
- Settlement resolved insolvency claims without admission of liability or wrongdoing
- Payment aimed to avoid prolonged litigation, uncertainty, and related costs
Bank of Baroda Ltd.'s Abu Dhabi arm paid $600 million or Rs 5,700 crore to NMC Health PLC in a legal settlement, according to an exchange filing from the former on Friday.
Shares of Bank of Baroda fell 4% in the day's trade, following reports of this development. The joint administrators of NMC Health PLC, NMC Healthcare Ltd and NMC Holding Ltd. were involved with the proceedings.
ALSO READ: Canara Bank Q1 Updates: Domestic Deposits Up 10%, Global Business Touches Rs 29 Lakh Crore
The case was related to insolvency of the NMC units. It was heard in the Abu Dhabi Global Market Court of First Instance and High Court of Justice of England & Wales courts, as per the filing.
"All claims, causes of action, etc. between them have been resolved without admission of liability or wrongdoing," the filing said.
"The settlement agreement and its terms otherwise remain confidential. The liability of the bank in these proceedings is limited to this sum" it added.
As per the bank, the settlement was paid out in order to "bring the disputes to conclusion thereby avoiding prolonged litigation, uncertainty and associated cost."
ALSO READ: Government Seeks Fresh Bids For IDBI Bank Sale, Targets Closure In FY27
Share Price Movement
Share price of Bank of Baroda saw a 4.42% downturn to Rs 259.65 at the end of the day's trade. compared to a 0.71% uptick of the NSE Nifty 50.
The stock opened at Rs273.50, compared to its previous close of Rs 271.65. During today's trading session, Bank Of Baroda share price moved in the range of Rs 257.70 to Rs 273.50.
Looking at its last 52-week performance, the stock has touched a low of Rs 230.81 and a high of Rs 325.50. On the performance front, Bank Of Baroda share price is up 7.08% on a year-on-year basis.
The market capitalization of Bank Of Baroda is Rs 1.31 Lakh Crore, with a P/E ratio of 6.64.
(This is a developing story.)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
