Emirates NBD, Dubai’s largest bank by assets, will launch its open offer in December to acquire shares from RBL Bank’s public shareholders, according to a statement issued by the Indian lender on the Bombay Stock Exchange.
The offer will remain open from December 12 to 26, during which Emirates NBD aims to purchase nearly 416 million shares, equivalent to a 26 percent stake in the Indian private bank.
The acquisition will comply with India’s foreign investment regulations, ensuring Emirates NBD’s total shareholding does not surpass the 74 percent cap.
In October, Emirates NBD agreed to acquire a controlling stake in RBL Bank for $3 billion, through a combination of a preferential allotment of shares and an open offer to existing investors.
The offer price has been set at INR280 ($3.16) per share.
RBL Bank’s shares closed at INR324 on Tuesday, with markets closed on Wednesday for a public holiday.
The final size of the preferential allotment will depend on investor response to the open offer.
Emirates NBD is 56 percent owned by the Dubai government through the Investment Corporation of Dubai and Dubai Holding Group.
The bank reported total assets of $296 billion as of June 2025, with a net profit of $3.4 billion for the first half of the year.
Emirates NBD shares were trading 2.5 percent lower at AED26.85 on Wednesday and have declined nearly 9 percent so far this year.
