Overview
- Mahindra & Mahindra sold its entire 3.53% stake in RBL Bank for Rs 678 crore, booking a 62.5% gain on its July 2023 investment of Rs 417 crore.
- The sale was executed via a reported block deal with a floor price around Rs 317 per share, with books open Nov 5–6 and settlement expected on Nov 7.
- RBL’s board cleared a preferential issue of up to 95.90 crore shares at Rs 280 each to Emirates NBD, targeting a 60% holding for an aggregate Rs 26,853 crore.
- Under SEBI takeover rules, Emirates NBD will make an open offer to acquire up to 26% of the expanded share capital at Rs 280 per share from Dec 12 to Dec 26.
- RBL Bank said the transactions remain subject to regulatory filings and approvals, including Emirates NBD’s classification as promoter upon consummation.