Emirates NBD Bank has announced an open offer to acquire up to 415,586,443 equity shares of RBL Bank, representing 26.00% of the expanded voting share capital, at a price of INR 280.00 per share. This offer, totaling INR 116,364,204,040, aims to increase Emirates NBD Bank’s stake in RBL Bank. J.P. Morgan India Private Limited is managing the open offer.
Emirates NBD Bank’s Open Offer
Emirates NBD Bank has made a public announcement regarding an open offer to acquire shares of RBL Bank. The offer includes up to 415,586,443 fully paid-up equity shares. The announcement was made on October 18, 2025.
Offer Details and Pricing
The offer price is set at INR 280.00 per equity share, leading to a total consideration of INR 116,364,204,040, assuming full acceptance. The offer is for 26.00% of the expanded voting share capital of RBL Bank. This open offer is a mandatory requirement following an investment agreement.
Strategic Rationale
The acquisition is part of a broader strategy involving a preferential issue of shares. Emirates NBD Bank intends to increase its shareholding in RBL Bank to between 51.00% and 74.00% through a combination of the open offer and the preferential issue. Post-transaction, Emirates NBD Bank will gain control over RBL Bank.
J.P. Morgan’s Role
J.P. Morgan India Private Limited has been appointed as the manager to the open offer, overseeing the process and ensuring compliance. Further details regarding the offer will be available in the detailed public statement.
Underlying Transaction
The open offer is triggered by Emirates NBD Bank’s agreement to subscribe to 60.00% of RBL Bank’s total paid-up share capital through a preferential issue, subject to regulatory approvals. This is outlined in an investment agreement. Following the completion of the transaction, there is an intention to pursue the amalgamation of Emirates NBD Bank’s India branch with RBL Bank, pending further approvals.
Source: BSE
