Emirates NBD Bank’s Open Offer for RBL Bank at ₹280 Per Share for 26% Stake

On February 3, 2026, RBL Bank, in an exchange filing, announced that J.P. Morgan India Private Limited, as the manager, issued a corrigendum relating to thedraft letter of offer for Emirates NBD Bank’s open offer to acquire up to 415,586,443 equity shares of RBL Bank Limited. This corrigendum primarily addresses updates concerning the regulatory approvals required for a change in control, including approvals and registrations with SEBI, CDSL, and NSDL.

Open Offer Overview

Emirates NBD Bank (P.J.S.C.) has proposed an open offer to acquire up to 415,586,443 fully-paid equity shares of RBL Bank Limited at ₹280 per share, representing 26.00% of the expanded voting share capital of the bank.

Corrigendum Highlights

The corrigendum pertains to the following earlier communications:

• Public Announcement dated October 18, 2025
• Detailed Public Statement dated October 27, 2025
• Draft Letter of Offer dated November 4, 2025

Issued on February 3, 2026, this corrigendum updates the definition and scope of Required Statutory Approvals in connection with the open offer.

Also Read: FIIs Made Strong Comeback: Pumped ₹5,426 Crore on February 3

Updates to Required Statutory Approvals

The term “Required Statutory Approvals” now explicitly includes approvals and no-objection certificates from the following authorities in relation to the change of control over RBL Bank:

1. SEBI – for changes in control with respect to:
2. SEBI-registered banker to an issue
3. SEBI-registered merchant banker
4. Depository Authorities, approvals from SEBI, Central Depository Services (India) Limited (CDSL), and National Securities Depository Limited (NSDL) for changes in control over the Target Company’s depository participant registration.

The Target Company has already submitted the requisite applications to SEBI, CDSL, and NSDL to obtain these approvals.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.