Announced Thu, 2 Jul · 14:06 IST
Bank of Baroda settles NMC Health litigation for USD 600 million
BANKBARODA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
-7.0%1-day move
₹271.20
prior close
₹268.00
base price
In-mkt
timing
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-0.8-2.0-1.7-3.0-7.0-7.8-8.7-11.1-9.8-7.7-10.4———
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AI summary
Bank of Baroda has settled all litigation with NMC Health PLC, NMC Healthcare Ltd and NMC Holding Ltd (all in administration) by paying USD 600 million (about Rs 5,700 crores) through its Abu Dhabi Branch. Cases were in Abu Dhabi Global Market Court and UK High Court of Justice involving insolvency and civil proceedings. Settlement is without admission of liability or wrongdoing. All claims between parties are resolved and the proceedings are being discontinued.
Likely market impact
Material outflow of about Rs 5,700 crores from Abu Dhabi branch; ends prolonged litigation and caps bank liability at this amount.