Emirates NBD Bank PJSC (Emirates NBD) is set to acquire a controlling 60% stake in RBL Bank through a Rs 26,853-crore preferential equity infusion. The deal marks the largest foreign direct investment in India’s financial services sector to date. Emirates NBD will be allotted up to 959 million equity shares at Rs 280 per share, 6.5% lower than Friday’s close of Rs 299.50 per share.

The preferential allotment has also triggered a mandatory open offer under Securities and Exchange Board of India’s (SEBI) Substantial Acquisition of Shares and Takeovers Regulations, 2011. Emirates NBD will make a mandatory open offer for 415.5 million shares (26% of the expanded capital, including the preferential allotment) to existing shareholders, to acquire at least 51% of the paid-up share capital post

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