Dubai’s Emirates NBD
will launch its open offer on June 1 to acquire up to
a 26% stake in RBL Bank from public shareholders at
282.38 rupees per share, according to a letter of offer filed to
exchanges.
* Public shareholders can tender shares from June 1. The
offer will close on June 12.
* The offer price of 282.38 rupees per share includes
interest of 2.38 rupees, and reflects around a 15% discount to
RBL Bank stock’s closing price on Friday.
* Total consideration for the proposed acquisition will be
117.35 billion rupees, if the offer is fully accepted.
* In India, an open offer is a mandatory requirement under
acquisition rules, which require the buyer taking a substantial
stake in a listed company to extend an exit opportunity to
public shareholders.
* In October, Emirates NBD announced plans to buy a
majority stake in the Indian lender for $3 billion, one of the
largest cross-border deals in India’s financial sector.
* It received approval from India’s central bank in April,
followed by government clearance last week.
(Reporting by Nishit Navin; Editing by Shilpi Majumdar)