Emirates NBD Bank has announced an open offer to acquire a significant stake in RBL Bank Limited, aiming to purchase up to 415,586,443 fully paid-up equity shares. This acquisition represents 26% of the expanded voting share capital of RBL Bank, with each share priced at ₹282.38. The total consideration for this offer amounts to ₹117,353,299,774.34, payable in cash, assuming full acceptance by the public shareholders.
The offer price comprises an offer price of ₹280 per share, along with applicable interest of ₹2.38 per share. This move is in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The open offer is not conditional on any minimum level of acceptance and is not a competing offer, as per the SEBI (SAST) Regulations. The offer is subject to a proportionate reduction to ensure that the acquirer’s shareholding does not exceed 75% of the expanded voting share capital upon completion of the offer and underlying transaction.
Public shareholders, including non-resident Indians and overseas corporate bodies, who wish to tender their shares must obtain all necessary approvals, including from the Reserve Bank of India, if required. They must submit these approvals along with the acceptance form and other necessary documents.
The required statutory approvals to acquire the equity shares have been received, and as of the date of the letter, no further regulatory approvals are needed. However, should additional approvals become necessary before the close of the tendering period, the offer will be subject to obtaining these approvals.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).