MUMBAI: Mahindra & Mahindra has sold its entire 3.5% stake in RBL Bank for Rs 678 crore, booking a 62.5% gain on its treasury investment made in Jul 2023 for Rs 417 crore. The sale comes weeks before Emirates NBD launches an open offer on Dec 12 to buy shares from public investors at Rs 280 apiece, closing on Dec 26, as part of its $3 billion plan to acquire a 60% stake in the lender.The transaction, which includes a preferential issue and open offer, will merge Emirates NBD’s India business with RBL Bank and increase the lender’s net worth to around Rs 42,000 crore.

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Emirates NBD Bank PJSC has proposed to launch an open offer to acquire 26% stake in Mumbai-based RBL Bank at ₹280 per share, the domestic private bank informed the stock exchanges. Shareholders can tender shares from December 12-26, subject to Sebi approval. The total size of the open offer is fixed at ₹11,636 crore, assuming full acceptance of the offer. Dubai-based Emirates NBD Bank has agreed to invest $3 billion (about ₹26,850 crore) to acquire a majority stake in RBL Bank, marking the largest acquisition of an Indian bank by a foreign financial institution and the biggest…