Emirates NBD to invest $3b in India’s RBL Bank

Emirates NBD first foreign bank set to hold a majority stake in a profitable Indian lender

- BY JUSTIN VARGHESE Your Money Editor LEKSHMY PAVITHRAN Assistant Online Editor

In one of the biggest foreign investments in India’s bank-Ling sector, Emirates NBD Bank PJSC will invest up to $3.05 billion (268.35 billion rupees) in RBL Bank Ltd., giving the Dubai-based lender a controlling 60 per cent stake once the deal is complete.

The investment, made through a preferential issue of 959 million new shares at 280 rupees each, represents a 6.5 per cent discount to RBL Bank's closing price on Friday. The deal makes this the largest-ever foreign direct investment and equity fundraise in India’s financial services sector.