BoB gains over 4 pc after share purchase agreement with Ansa Merchant Bank

Shares of Bank of Baroda (BoB) on Friday advanced by over 4 per cent after the company signed a share purchase agreement with Ansa Merchant Bank to sell the business of Bank of Baroda Trinidad & Tobago.

On the BSE, the stock settled 3.93 per cent higher at Rs 101.75. Intra-day, it rose 4.29 per cent to hit a high of Rs 102.10.

On the NSE, the stock rose 4.14 per cent to end at Rs 101.95. During the day, it gained 4.34 per cent to Rs 102.15.

In terms of volume, 17.29 lakh shares of the company were traded on the BSE, while over 3.4 crore units changed hands on the NSE.

Bank of Baroda Trinidad & Tobago started its operations in October 2007 as a wholly-owned overseas subsidiary.

"We have had a long and successful tenure in Trinidad & Tobago and will look forward to a disruption-free service to our valued customers of in that market," Executive Director Murali Ramaswami said in a statement.

The sale will need an approval from the Central Bank of Trinidad & Tobago.

BoB had decided to exit the business way back in May 2017.