Overview
- RBL Bank disclosed that Emirates NBD’s mandatory open offer to public shareholders will run from December 12 to December 26.
- The open offer seeks up to 26% of the expanded voting share capital, or 415,586,443 shares, at Rs 280 per share under SEBI’s takeover rules.
- RBL’s board earlier approved issuing up to 95.90 crore shares via preferential allotment to Emirates NBD, representing a 60% stake at Rs 280 per share.
- Mahindra & Mahindra sold a 3.45% holding, or about 2.12 crore shares, for roughly Rs 678–682 crore, with deal terms indicating a floor price around Rs 317 per share and settlement indicated for Nov. 7.
- RBL shares gained after the disclosures, and the bank noted that Emirates NBD would become promoter and RBL would be classified as a foreign bank subsidiary upon completion, subject to approvals.