Bank of Baroda makes a corporate announcement

The total NSE holding is 21,972,500 shares, or 2.19725 crore shares, derived from the proposed sale of 7,690,375 shares representing 35% of the bank’s holding. ^[1]

Carrying value: The FY2025-26 Annual Report disclosure cited here does not separately identify the carrying value of Bank of Baroda’s NSE investment. It states that unlisted equity shares are carried at historical cost, subject to provision for diminution that is other than temporary, but does not provide an NSE-specific amount in the cited passage. ^[2] The aggregate associate-investment carrying amount of Rs 4,630.98 crore is not an appropriate proxy for the NSE stake because it covers the bank’s investments in associates collectively. ^[3]

Thus, the defensible answer is 21,972,500 NSE shares held; NSE-specific carrying value not separately evidenced in the cited Annual Report disclosure.

The latest audited Bank of Baroda statements are for FY2026, ended 31 March 2026, but they do not disclose the NSE investment’s holding, carrying amount, or NSE’s audited net worth and share count separately. Accordingly, an exact NSE book value per share and a three-year NSE-specific carrying-value bridge cannot be calculated from the reported figures. The standalone FY2026 statements were audited and approved on 8 May 2026. ^{[4] [5]}

What is disclosed

Bank of Baroda’s policy is to carry investments in subsidiaries, associates and joint ventures at acquisition cost, subject to impairment. Any diminution is charged to the Profit and Loss Account, with subsequent reversals also recognized through the Profit and Loss Account. ^{[6] [6]}

For unquoted or illiquid equity investments, the FY2026 policy refers to valuation at the latest audited break-up value, excluding revaluation reserves; where the relevant audited balance sheet is more than 18 months old, the stated fallback is Rs 1 per company. ^[7]

The reported aggregate provision for depreciation on investments, which should not be confused with an NSE-specific adjustment, moved as follows:

The FY2026 movement comprised Rs 54.13 Crores of provisions, Rs 27.12 Crores of foreign-exchange revaluation adjustment and Rs 8.54 Crores of write-backs. ^[9] These figures relate to the bank’s investment portfolio in aggregate; the filing evidence does not attribute them to the NSE holding.

Conclusion: the NSE-specific book value per share and carrying-value adjustments for FY2024-FY2026 are not separately reported in the cited audited statements. The aggregate investment-provision movement above is the closest disclosed balance-sheet adjustment, but it should not be presented as the adjustment to Bank of Baroda’s NSE investment.

The disclosed NSE dividend is small relative to Bank of Baroda’s broad Other Income pool. However, a full three-year NSE-dividend series is not separately reported; the only NSE-specific amount identified is Rs 76.90 Crores received in FY26. ^[1]

Three-year comparison

The three-year Other Income/non-interest-income pool was therefore approximately Rs 46,899 Crores, derived from Rs 14,495 Crores, Rs 16,647 Crores and Rs 15,757 Crores. ^{[10] [11]} The FY26 NSE dividend represented approximately 0.49% of FY26 Other Income: Rs 76.90 Crores divided by Rs 15,756.8 Crores. ^{[1] [11]}

Opportunity cost of the proposed divestment

Bank of Baroda has proposed selling up to 35% of its NSE holding, rather than the entire stake. ^[1] Applying that proportion to the FY26 dividend gives a mechanical recurring-income baseline of approximately Rs 26.92 Crores:

• 35% × Rs 76.90 Crores = Rs 26.92 Crores
• Rs 26.92 Crores equals approximately 0.17% of FY26 Other Income, based on Rs 15,756.8 Crores. ^{[1] [11]}
• It is approximately 0.06% of the three-year cumulative Other Income pool of Rs 46,899 Crores. ^{[10] [11]}

Interpretation: on dividend income alone, the proposed partial divestment sacrifices a relatively modest recurring cash flow compared with the bank’s overall non-interest-income base. The more material economic variable is likely the sale consideration and the return generated from redeploying it, neither of which can be assessed from the disclosed dividend comparison. The transaction remains subject to approvals, and consideration is to be received only after the OFS is completed. ^[1]

Important accounting caveat: “Other Income” is a broad non-interest-income measure, not an investment-only subtotal. It includes commissions, exchange and brokerage income ^[12], investment-sale gains or losses ^[12], and dividend/miscellaneous income ^[12]. Also, the annual report presents FY25 Other Income as Rs 15,788 Crores versus Rs 15,757 Crores in FY26, reflecting a tax-refund classification issue; the comparison should therefore be treated as a scale baseline rather than a perfectly uniform time series. ^{[13] [14]}