Emirates NBD launches open offer for 26% stake in RBL Bank

Emirates NBD Bank has launched an open offer to acquire up to 26% stake in RBL Bank at Rs 282.38 per share, as the Dubai-based lender moves ahead with one of the largest cross-border banking deals in India's financial sector.

The open offer comprises a base offer price of Rs 280 per equity share and an applicable interest component of Rs 2.38 per share. The Rs 2.38 per share interest arises from a SEBI directive dated 22 April 2026, which granted Emirates NBD an extension to launch the open offer after regulatory approvals took longer than expected. Crucially, the final clearance ' the Department for Promotion of Industry and Internal Trade (DPIIT) approval ' came only on 14 May 2026, triggering a 31-day delay. SEBI directed the acquirer to compensate public shareholders for this wait at an interest rate of 10% per annum. In effect, it is a penalty-linked payment, not a standard market adjustment.

The total consideration for the offer is estimated at Rs 11,735.33 crore, assuming full acceptance. Emirates NBD plans to acquire up to 41.55 crore equity shares, representing 26% of the expanded voting share capital of the private sector lender.

The tendering period for the open offer will commence on 1 June 2026, and conclude on 12 June 2026, while payment of consideration is scheduled to be completed by 29 June 2026.

The open offer forms part of Emirates NBD's broader plan to acquire a controlling stake in RBL Bank through a preferential allotment and open offer route. Under the transaction structure, Emirates NBD will subscribe to up to 95.90 crore equity shares of RBL Bank at Rs 280 apiece through a preferential issue, representing nearly 60% of the bank's post-issue paid-up capital.

The transaction, first announced in October 2025, is valued at around $3 billion and is being seen as one of the biggest foreign direct investments in India's banking sector.

Earlier this month, the Government of India approved Emirates NBD's proposal to acquire between 49% and 74% stake in RBL Bank, following prior approvals from the Reserve Bank of India, Competition Commission of India, and market regulator SEBI.

RBL Bank will operate as a foreign bank subsidiary after completion of the transaction, with Emirates NBD expected to hold at least 51% stake in the lender.

RBL Bank is one of India's leading private sector banks with an expanding presence across the country. The bank offers specialized services under five business verticals, namely, corporate & institutional banking, commercial banking, branch & business banking, retail assets, and treasury and financial markets operations.

The bank's standalone net profit surged 234.37% to Rs 229.71 crore while total income increased 7.01% to Rs 4,789.21 crore in Q4 March 2026 over Q4 March 2025.

Shares of RBL Bank rose 1.70% to settle a Rs 335.75 on 22 May 2026.

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