India, UAE approve Emirates NBD takeover of 60% RBL Bank
Business
Emirates NBD, one of the Middle East's biggest banks, just got major approvals from both Indian and United Arab Emirates regulators to buy a majority stake of around 60% in RBL Bank.
The Competition Commission of India had already cleared it, so now Emirates NBD is set to become the new boss at RBL through a preferential share issue.
RBL open offer capped at 26%
Because of takeover rules, Emirates NBD will have to make an open offer for up to 26% more of RBL's public shares: this keeps foreign ownership within India's 74% limit.
After the news dropped, RBL shares barely moved, slipping just 0.22% to ₹301.
Emirates NBD already has three branches in India, while RBL runs an IFSC unit in GIFT City.