RBL Bank shares double in a year on Emirates NBD buzz
Business
RBL Bank shares shot up 5% to ₹305 on Wednesday, hitting their highest level since March 2020 and more than doubling from last year's low.
The buzz? Dubai-based Emirates NBD is in advanced talks to acquire a controlling stake in the Indian bank.
Deal would mark biggest foreign investment in Indian banking sector
Emirates NBD, the UAE's second-largest bank, is looking to grab 51-60% of RBL Bank for about $3 billion—making it the biggest foreign investment in India's banking sector so far.
The Reserve Bank of India has granted in-principle approval for the change of control.
RBL shares still far from their all-time high
Analysts think Emirates NBD's entry could boost RBL's governance and investor trust, plus strengthen its finances with fresh capital.
Still, even after this jump, RBL shares are 57% below their all-time high from 2019.