Emirates NBD, a major banking group from the Middle East, has held advanced talks to potentially acquire a majority stake in RBL Bank, a listed private sector lender in India, according to multiple industry insiders. The discussions, ongoing for several months, aim at acquiring over 51% stake, though final terms have not yet been confirmed and the deal may not necessarily materialize.
RBL Bank has no promoter entity, with 100% public shareholding. As of October 13, the bank’s market capitalization stood at Rs 17,786.79 crore ($2.01 billion), meaning a 51% stake would be valued around Rs 9,071 crore ($1.02 billion). Sources indicate the preferential issue route may be used for the transaction, subject to regulatory approvals, including one from the RBI.
The bank’s major shareholders include mutual funds, insurance companies, and firms like Mahindra & Mahindra, LIC, Gaja Capital, and Zerodha. Emirates NBD, which already has a branch presence in India and recently received RBI’s in-principle approval for a wholly owned subsidiary, is also linked to the IDBI Bank divestment process, where several firms are bidding.
