In a significant move, Dubai-based Emirates NBD Bank (ENBD) has agreed to acquire a controlling stake in RBL Bank through a primary infusion of approximately $3 billion (around Rs 26,850 crore).

The proposed investment will be made via a preferential issue of up to 60 per cent, be subject to regulatory approvals and other customary closing conditions. As part of this transaction, ENBD will also make a mandatory open offer for the purchase of up to 26 per cent stake from the public shareholders of RBL Bank, in accordance with Sebi’s Takeover Regulations, RBL Bank said on Saturday.

ENBD is 56 per cent owned by the Dubai Government via Investment Corporation of Dubai and Dubai Holding Group.

The Board of Directors of ENBD and RBL Bank also approved the amalgamation of the India branches of

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