J.P. Morgan India Private Limited (Manager to the Open Offer) has submitted to the Exchange a copy of Pre-offer advertisement in accordance with Regulation 18(7) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended, and Corrigendum to the Detailed Public Statement for the attention of the Public Shareholders of RBL Bank Limited (Target Company).
RBLBANK · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Emirates NBD Bank (P.J.S.C.) is making a mandatory open offer to acquire up to 415,586,443 equity shares (26% of expanded voting share capital) of RBL Bank at INR 280 per share, totalling approximately INR 117.35 billion. The offer price has been increased to INR 282.38 per share inclusive of INR 2.38 applicable interest due to a 31-day delay in payment. The Independent Directors' Committee has unanimously recommended the offer as fair and reasonable, noting the price complies with SEBI (SAST) Regulations. However, the committee also flagged that the current market price (INR 334.35 on NSE as of 22 May 2026) exceeds the offer price, advising shareholders to independently evaluate the offer. All major statutory approvals including RBI, CCI, and DPIIT have been obtained. The acquirer intends to retain RBL's listing and acquire sole control, with plans for a proposed amalgamation of its India branches into RBL Bank.
The open offer is active and represents a major change of control for RBL Bank. The offer price is below the current market price, which may reduce shareholder acceptance. Existing shareholders should carefully evaluate whether to tender given the discount to market prices.