RBL Bank board approves $€1 billion EMTN program
RBL Bank's board has OK'd a $€1 billion medium-term note (EMTN) program, which basically means they're gearing up to raise money by selling bonds in foreign currencies.
The move was decided in a quick 24-minute board meeting, and the bank's Borrowing Committee will handle the rollout.
Just FYI, these bonds won't be available to Indian investors and everything still needs regulatory approvals.
Citi keeps Buy, RBL Bank ₹440
Citi is sticking with its "Buy" rating for RBL Bank, setting a target price of ₹440 (that's about 13% higher than current levels).
They also gave the bank props for recently raising $3.4 billion through leveraging its promoter's relationship with Emirates NBD to tap a large pool of FCNR(B) deposits from the UAE corridor and support from RBI's swap facility.