Overview
Emirates NBD Bank (P.J.S.C.) has announced an open offer to acquire up to 26% of RBL Bank Limited’s expanded voting share capital at an offer price of ₹280 per equity share. The total potential outlay for the offer is approximately ₹11,636.42 crore, assuming full acceptance. The move represents a significant step in Emirates NBD’s strategic expansion in the Indian banking sector and could lead to a majority ownership position in RBL Bank, subject to regulatory approvals.
Key Details of the Open Offer
| Particulars | Details |
| Acquirer | Emirates NBD Bank (P.J.S.C.) |
| Target Company | RBL Bank Limited |
| Offer Size | Up to 26% of expanded voting share capital |
| Maximum Shares Sought | 41,55,86,443 equity shares |
| Offer Price | ₹280.00 per equity share |
| Face Value | ₹10.00 per share |
| Total Consideration (if fully subscribed) | ₹11,636.42 crore |
| Mode of Payment | Cash |
Timeline and Announcements
| Event | Date |
| Public Announcement | October 18, 2025 |
| Detailed Public Statement | October 27, 2025 |
| Corrigendum Issued | November 4, 2025 |
Regulatory Approvals Required
The open offer is contingent on multiple regulatory clearances, including:
- Reserve Bank of India (RBI) approval for both Emirates NBD and RBL Bank
- Competition Commission of India (CCI) clearance
- Approval from the Central Bank of the UAE (CBUAE)
- Dual presence approval
- Approval from the Department for Promotion of Industry and Internal Trade (DPIIT)
- Foreign shareholding restriction clearance for RBL Bank
Additionally, due to RBL Bank’s significant U.S. shareholder base, Emirates NBD may seek exemptions from the U.S. Securities and Exchange Commission (SEC) to ensure compliance with U.S. securities laws.
Potential Outcomes
- If fully subscribed: Emirates NBD could hold up to 74% of RBL Bank’s expanded voting share capital after completion of the underlying transaction and open offer.
- If unsubscribed: Emirates NBD would still acquire 60% of the expanded voting share capital through the underlying transaction.
Summary
Emirates NBD Bank has launched an open offer to acquire a 26% stake in RBL Bank at ₹280 per share, valuing the transaction at up to ₹11,636 crore. The acquisition, which is subject to multiple regulatory approvals from Indian and UAE authorities, could raise Emirates NBD’s total holding in RBL Bank to as much as 74%, marking a major potential change in the bank’s ownership structure.
Disclaimer:
This article is intended solely for educational and informational purposes. The securities or companies mentioned are provided as examples and should not be considered as recommendations. Nothing contained herein constitutes personal financial advice or investment recommendations. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions.
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