RBL Bank has announced that Emirates NBD Bank’s open offer to acquire up to 26 per cent of its shares from public shareholders will open on December 12 and close on December 26, according to a report in Moneycontrol.
In a regulatory filing, RBL Bank said the open offer will be conducted under the Securities and Exchange Board of India’s (SEBI) Substantial Acquisition of Shares and Takeovers (SAST) Regulations. The offer covers up to 41.56 crore equity shares with a face value of INR10 each, priced at INR280 per share. The total consideration for the offer is estimated at INR11,644 crore.
The open offer was triggered by Emirates NBD’s plan, announced last month, to acquire a 60 per cent stake in RBL Bank through a preferential share allotment worth INR26,853 crore. The deal marks the largest-ever foreign direct investment in India’s financial services sector.
Once the transaction is complete, Emirates NBD, which is the UAE’s second-largest bank, will become the controlling shareholder and promoter of RBL Bank, subject to approvals from the Reserve Bank of India and other regulators.
RBL Bank’s board previously approved the capital raise through the issue of up to 95.9 crore shares at INR280 per share. The strategic investment is expected to strengthen RBL Bank’s capital base, enhance liquidity, and support its growth plans across retail and small business segments.
The deal comes just weeks after Japan’s Sumitomo Mitsui Banking Corporation (SMBC) acquired a 24.9 per cent stake in Yes Bank for INR16,333 crore, suggesting renewed foreign investor interest in India’s private banking sector.
Follow us on
