India's RBI approves Emirates NBD acquisition of 60% stake in RBL Bank
Share registrars must prepare to process the mandatory open offer
Change
India's RBI granted formal approval for Emirates NBD Bank's planned 60% acquisition of RBL Bank, clearing the way for a mandatory open offer to buy up to 26% at Rs 280 per share.
Why it matters
SEBI approval is still awaited and is the remaining regulatory gate before the mandatory open offer can be launched. The planned amalgamation of Emirates NBD's India branch with RBL Bank remains conditional on requisite regulatory clearances.
Implications
- — Emirates NBD's deal implementation teams must be ready to launch the mandatory open offer to acquire up to 26% at Rs 280 per share immediately after SEBI clearance — without launching the open offer the proposed 60% acquisition cannot proceed.
- — RBL Bank's corporate secretariat and compliance teams must prepare required open-offer disclosures and shareholder communications now, ahead of an expected offer launch next week — failure to file mandated disclosures will delay or impede the takeover timetable.
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Source
View on Economic Times