Overview
- Mahindra & Mahindra sold its entire roughly 3.5% holding in RBL Bank for Rs 678 crore, booking a 62.5% gain on the July 2023 investment, with the block deal reported near Rs 317 per share.
- RBL Bank disclosed that Emirates NBD’s open offer to public shareholders will run December 12–26 at Rs 280 per share for up to 415,586,443 shares, equivalent to 26% of expanded voting capital.
- The Dubai lender has proposed a Rs 26,853 crore preferential allotment at Rs 280 per share to reach 60% ownership, after which it would be classified as promoter subject to approvals.
- RBL Bank said the open offer and preferential issue will be calibrated so the resulting holding does not exceed 75% of expanded capital and will comply with India’s foreign ownership limits.
- Multiple outlets note the planned investment would be the largest foreign direct infusion in India’s financial services sector, and RBL Bank shares traded higher in early moves after the stake sale.