Emirates NBD to Invest ₹26,853 Crore for Majority Stake in RBL Bank
Emirates NBD Bank, one of the largest banking groups in the Middle East, will invest ₹26,853 crore to acquire a majority stake in India’s RBL Bank. The landmark deal is pending shareholder and regulatory approvals.
Key Details of the Investment
RBL Bank’s Board has approved raising up to ₹26,853 crores through issuance of 95,90,45,636 equity shares to Emirates NBD at ₹280 per share. The fund raise amounts to INR 268,53,27,78,080 (Twenty Six Thousand Eight Hundred and Fifty Three Crores Twenty Seven Lakhs Seventy Eight Thousand and Eighty).
Approval Process
The proposal requires shareholder approval and regulatory clearances from:
- Reserve Bank of India (RBI)
- Department for Promotion of Industry and Internal Trade (DPIIT)
- Cabinet Committee on Economic Affairs (CCEA)
- Stock Exchanges
- Competition Commission of India (CCI)
The investment is subject to conditions specified in the Investment Agreement.
Background
Mint had reported on October 13 that Emirates NBD Bank was in discussions to acquire a controlling stake in RBL Bank for over $1 billion, according to sources familiar with the development.
This is a developing story. Further updates will follow as more information becomes available.
