RBL Bank has received a corrigendum related to the open offer initiated by Emirates NBD Bank to acquire up to 415,586,443 fully-paid equity shares, representing 26% of the bank’s expanded voting share capital. The offer is priced at ₹280 per share, amounting to a total consideration of ₹116,364,204,040, assuming full acceptance. This open offer is in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The corrigendum, issued by J.P. Morgan India Private Limited, was published in several newspapers, including Financial Express, Jansatta, and Tarun Bharat, on 12 April 2026. The publication aligns with the regulatory requirements to inform public shareholders about the developments in the open offer process.
The Reserve Bank of India (RBI) has advised RBL Bank to amend its articles of association in accordance with specific stipulations. This requires the approval of the bank’s shareholders through a special resolution under Section 14(1) of the Companies Act, 2013. Consequently, the investment agreement between RBL Bank and Emirates NBD has been amended to reflect these changes.
The open offer, initially announced on 18 October 2025, has undergone several updates, including public statements and draft letters of offer, all of which have been communicated through various corrigenda. The latest amendments also include provisions for nominating non-independent directors to the board, subject to applicable laws and RBI guidelines.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).