India's RBI clears Emirates NBD 60% acquisition of RBL Bank
Change
India's RBI approved Emirates NBD's proposed acquisition of a 60% stake in RBL Bank and cleared the amalgamation of Emirates NBD's India operations with RBL Bank.
Why it matters
The approval obliges Emirates NBD to launch a mandatory open offer to acquire up to 26% of RBL Bank's expanded voting share capital at a fixed price of Rs 280 per share, covering about 415.58 million shares. That requirement forces RBL Bank shareholders to consider tendering their shares and subjects the combined entity to heightened regulatory oversight during the takeover and integration process.
Implications
- • Emirates NBD Bank must file and launch the mandatory open offer to acquire up to 26% of RBL Bank at Rs 280 per share.
- • RBL Bank shareholders must decide whether to tender shares in the open offer and prepare to respond to the takeover timetable.
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Source
Topics
Mergers & Acquisitions Banking Regulation Financial Services