J.P. Morgan India Private Limited (Manager to the Open Offer) has submitted to the Exchange a copy of Corrigendum to the Public Announcement (as defined below) and Detailed Public Statement (as defined below) for the attention of the Public Shareholders of RBL Bank Limited (Target Company).
RBLBANK · price
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Awaiting price reaction for this filing.
J.P. Morgan India, acting as manager to the open offer, has filed a corrigendum (correction/addition) to the original public announcement (Oct 18, 2025) and detailed public statement (Oct 27, 2025) for the open offer on RBL Bank. Dubai-based Emirates NBD Bank is offering to buy up to 415.58 million equity shares of RBL Bank (26% of the expanded voting share capital) at INR 280 per share, for a total of about INR 116.36 billion if fully accepted. The corrigendum adds U.S. SEC no-action relief as a new required approval, since RBL Bank has significant U.S. resident shareholders, and updates Emirates NBD's ownership structure (Government of Dubai holds 55.76%). Post-offer, Emirates NBD's stake in RBL Bank could range from 60% to 74% depending on how many shares are tendered and how much foreign shareholding room is available. A new termination clause allows the acquirer to walk away and seek SEBI withdrawal if foreign investment limits prevent it from reaching at least 51% ownership. All other terms of the open offer remain unchanged.
For RBL Bank shareholders, this is mostly a procedural update rather than a material change — the offer price of INR 280 and size of 26% stay the same. The key things to watch are the new U.S. SEC approval requirement and the termination clause tied to foreign shareholding limits, both of which add some regulatory uncertainty to deal closure.