RBL aims to enter top 5 league

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THE TRANSACTION, SUBJECT to shareholder and regulatory approvals, will give Emirates NBD a 60% stake in RBL Bank, triggering a mandatory open offer for a 26% stake under Securities and Exchange Board of India (Sebi) regulations.

“The structure is carefully designed to comply with foreign shareholding limits and minimum public shareholding norms. The open offer will precede the preferential issue, allowing for a scale-down if necessary to maintain regulatory thresholds,’ said Subramaniakumar. “Emirates NBD had only one demand that their stake at any given point in time shouldn’t drop below 51% in RBL, and they should have 50% representation on the board,” said a source.