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Emirates NBD Bank announced an open offer to acquire RBL Bank shares with the following parameters: Parameter Details Shares to Acquire 415,586,443.
RBI approved Emirates NBD to acquire between 51% and 74% of RBL Bank's share capital.
KEY POINTS
- RBL Bank must amend its articles of association and obtain shareholder approval for the acquisition.
- Emirates NBD will gain the right to nominate all non-independent directors on RBL Bank's board.
- The open offer covers 26% of RBL Bank's expanded voting share capital at INR 280 per share.
- RBI requires at least two-thirds of RBL Bank's directors to be non-executive and one-third independent.
COMPANIES
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