Emirates NBD Bank (P.J.S.C.) will acquire up to 60% of RBL Bank’s total paid-up share capital via a preferential issue, triggering a mandatory open offer to acquire an additional 26% from public shareholders at ₹280 per share. The deal, pending regulatory approvals, aims to increase Emirates NBD’s presence in India and will lead to it becoming the promoter of the bank.
Strategic Acquisition and Open Offer
Emirates NBD Bank (P.J.S.C.) has announced its plan to acquire a significant stake in RBL Bank through a preferential issue, which will result in acquiring up to 60% of RBL Bank’s total paid-up share capital. This move triggers a mandatory open offer for public shareholders, as per regulatory requirements.
Open Offer Details
The open offer allows Emirates NBD to acquire up to 415,586,443 equity shares, representing 26% of the expanded voting share capital of RBL Bank, from the public shareholders. The offer price is set at ₹280.00 per share, totaling a maximum consideration of ₹116,364,204,040 (assuming full acceptance and no proportionate reduction). Payment will be made in cash.
Purpose and Intent
The acquisition will bring Emirates NBD’s shareholding to between 51% and 74% of RBL Bank. Following completion of the Open Offer, the Acquirer intends to support the management of the Target Company in their efforts towards the sustained growth of the Target Company.
Financial Overview of Emirates NBD (Consolidated)
Key financials as of September 30, 2025:
- Total operating income: AED 36,667 million (₹877,016 million)
- Profit for the year: AED 18,936 million (₹452,919 million)
- Total equity: AED 139,783 million (₹3,343,386 million)
Note: Converted at AED 1 = ₹23.9184 as on October 24, 2025.
Financial Overview of RBL Bank (Consolidated)
Financials for the six months ended September 30, 2025:
- Total income: ₹895,416 lakhs
- Profit after tax: ₹40,668 lakhs
Net worth as of September 30, 2025: ₹1,612,035 lakhs.
Offer Timeline
The tendering period is scheduled to begin on December 12, 2025, and close on December 26, 2025. Payment or refunds will be completed by January 9, 2026.
Conditions and Approvals
The transaction is subject to required statutory approvals. All public shareholders must obtain requisite approvals needed to tender their shares. In the event such approvals are not submitted, the Acquirer reserves the right to reject such Equity Shares tendered in the Offer.
Source: BSE
