BANKBARODA

Bank of Baroda's shares declined more than 4% on Thursday after the public sector lender announced an out-of-court settlement with the joint administrators of NMC Health PLC, NMC Healthcare Ltd, and NMC Holding Ltd. According to a regulatory filing, the bank has agreed to pay $600 million (approximately ₹5,700 crore) to resolve the long-running legal dispute. The settlement relates to proceedings before the Abu Dhabi Global Market Court of First Instance and the High Court of Justice of England & Wales, both linked to the insolvency of the NMC group. The bank stated that the agreement fully resolves all claims and legal actions between the parties without any admission of liability or wrongdoing. It also noted that the terms of the settlement remain confidential. Bank of Baroda clarified that its financial obligation is limited to the agreed settlement amount. Following the agreement, the proceedings before the Abu Dhabi Global Market Court have been discontinued, while the case before the English court is in the process of being withdrawn. The lender further said that the settlement amount has been paid through its Abu Dhabi branch. Explaining its decision, the bank said the settlement was aimed at bringing the dispute to a close, avoiding prolonged litigation, reducing uncertainty, and minimizing the legal costs associated with continuing the case.