A corrigendum has been issued regarding the open offer by Emirates NBD Bank (P.J.S.C.) to acquire equity shares of RBL Bank. The changes pertain to required statutory approvals and shareholding details post-offer. The update includes seeking potential exemptions from the U.S. Securities and Exchange Commission (SEC) and adjustments to foreign investment limits. The Tendering Period remains subject to said regulatory approvals.
Open Offer Update
This announcement pertains to a corrigendum to the public announcement and detailed public statement regarding the open offer by Emirates NBD Bank (P.J.S.C.) for acquiring equity shares of RBL Bank Limited.
Key Changes and Clarifications
The primary changes relate to required statutory approvals and certain shareholding details. The grant of no-action relief and/or exemptive relief from the U.S. Securities and Exchange Commission (SEC), if applicable, for U.S. holders of equity shares, has been added to the list of Required Statutory Approvals. This approval must be sought prior to the commencement of the Tendering Period.
Revised Shareholding Details
The announcement includes revised details of post-offer shareholding, taking into account different scenarios:
- Assuming no Equity Shares are tendered in the Open Offer: 959,045,636 Equity Shares, representing 60.00% of the Expanded Voting Share Capital.
- 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 figures assume a foreign shareholding of nil from one day prior to the commencement of the Tendering Period until the allotment of subscription shares.
Foreign Investment Cap
If, as of immediately prior to the close of the Open Offer, foreign investment limits in RBL Bank are insufficient to enable Emirates NBD to acquire at least 51.00% of the issued equity share capital, considering subscription shares and acquisition of tendered shares, Emirates NBD is entitled to terminate the investment agreement and withdraw the open offer.
Source: BSE
