Dubai-based Emirates NBD will begin its open offer on June 1 to acquire up to a 26% stake in RBL Bank from public shareholders at a price of ₹282.38 per share, according to a letter of offer submitted to stock exchanges.
Public shareholders will be able to tender their shares starting June 1, while the open offer is scheduled to conclude on June 12.
The offer price of ₹282.38 per share includes an interest component of ₹2.38 and represents nearly a 15% discount compared to RBL Bank’s closing share price on Friday.
If the offer receives full acceptance, the overall transaction value for the proposed acquisition is expected to reach ₹117.35B.
Under India’s acquisition regulations, an open offer becomes mandatory when an investor seeks to acquire a significant stake in a listed company, providing public shareholders with an opportunity to exit their holdings.
In October, Emirates NBD revealed plans to acquire a majority stake in the Indian lender in a deal valued at around USD3B, marking one of the largest cross-border transactions in India’s banking sector.
The proposed acquisition secured approval from the Reserve Bank of India in April, followed by clearance from the Indian government last week.
