ICRA has placed RBL Bank’s long-term credit rating on watch with positive implications following news that Emirates NBD PJSC (ENBD) plans to acquire a 60% controlling stake in RBL through a preferential issue. The potential deal could inject approximately $3 billion (₹26,850 crore) into RBL. The transaction is subject to regulatory approvals, including from the RBI.
Rating Update
ICRA has announced it is placing RBL Bank’s long-term rating on ‘watch’ with positive implications. This action is primarily driven by a proposed investment from Emirates NBD PJSC (ENBD).
Proposed Investment and Capitalization
On October 18, 2025, RBL Bank announced that ENBD is considering investing up to approximately $3 billion (₹26,850 crore) via a preferential issue to acquire a 60% controlling stake. This would also trigger a mandatory open offer for an additional 26% of the bank’s shares. Upon completion, this transaction could increase RBL’s net worth to approximately ₹44,500 crore, from its current net worth of approximately ₹16,000 crore, thus strengthening its capitalization. The agency will continue to monitor the situation as the deal progresses.
ENBD’s Profile
Dubai-based ENBD, established in October 2007, is considered the second-largest bank in the UAE with total assets of $296 billion as of June 2025. ENBD also has a presence in India and operates through three branches in Mumbai, Gurugram, and Chennai. As of FY2025 it recorded a PAT of ₹84 crore.
Detailed Ratings
The specific instruments affected by this rating action include:
Basel III Tier II Bonds: [ICRA]AA-; Placed on rating watch with Positive Implications
Fixed Deposit: [ICRA]AA-; Placed on rating watch with Positive Implications
Short Term Fixed Deposit: [ICRA]A1+; outstanding
Certificates of Deposit: [ICRA]A1+; outstanding
Key Financial Indicators (Standalone)
Key standalone financial indicators for RBL Bank include:
Total Income: ₹9,893 crore (FY2025)
Profit After Tax: ₹695 crore (FY2025)
Total Assets: ₹1.47 lakh crore (FY2025)
CET: 14.06% (FY2025)
CRAR: 15.54% (FY2025)
Source: BSE
