Emirates NBD Bank (P.J.S.C.) has issued a corrigendum to its public announcement and detailed public statement regarding the open offer to acquire up to 415,586,443 equity shares of RBL Bank. The corrigendum includes updates related to required statutory approvals, specifically addressing potential requirements from the U.S. Securities and Exchange Commission (SEC). This aims to facilitate the offer to U.S. shareholders.
Corrigendum on Open Offer
Emirates NBD Bank (P.J.S.C.) has released a corrigendum to the public announcement and detailed public statement concerning its open offer for RBL Bank Limited. The primary adjustment pertains to the inclusion of a potential requirement for no-action relief and/or exemptive relief from the U.S. Securities and Exchange Commission (SEC). This addition is made to ensure compliance with U.S. regulations for shareholders in the United States.
Revised Statutory Approval Requirements
The definition of “Required Statutory Approvals” has been expanded to explicitly include the grant of no-action relief and/or exemptive relief from the SEC. This applies if the open offer is to be extended to U.S. holders of equity shares without violating applicable U.S. laws.
Adjustments to Shareholding Details
The corrigendum also includes revisions to shareholding details, specifically related to post-offer scenarios. Key changes include:
- Post Offer shareholding as of 10th Working Day after the closure of the Open Offer (assuming no Equity Shares tendered in the Open Offer): 959,045,636 Equity Shares, representing 60.00% of the Expanded Voting Share Capital.
- Post Offer shareholding as of 10th Working Day after the closure of the Open Offer (assuming the entire 26.00% is tendered in the Open Offer): 954,247,407 Equity Shares, representing 74.00% of the Expanded Voting Share Capital.
These numbers are contingent on the level of foreign shareholding and the number of tendered shares.
Updated Acquirer Details
The announcement updates acquirer details. Post-transaction, the proposed shareholding of Emirates NBD Bank (P.J.S.C.) after the acquisition stands at:
- 954,247,407 Equity Shares, representing 74.00% of the Expanded Voting Share Capital (assuming the entire 26.00% is tendered in the Open Offer).
- 959,045,636 Equity Shares, representing 60.00% of the Expanded Voting Share Capital (assuming no Equity Shares are tendered in the Open Offer).
Source: BSE