Emirates NBDRBL Bank Deal Local Shareholders Vote, Regulatory Nods In First Phase
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News Source : Ndtvprofit.com
News Summary
- Emirates NBD will make an open offer for RBL Bank’s shareholders at Rs 280 a share.
- This is being conducted under a SEBI rule, which allows open offers to come before a preferential allotment in an equity fund raise.
- The first tranche of the fund infusion should hit the bank in five-eight months, according to Subramaniakumar.
- The funds will be used to rapidly expand the bank's business, says Jaideep Iyer, head of strategy.
Shareholders of RBL Bank will first vote on the deal with Emirates NBD next month at the banks annual general meeting.According to R Subramaniakumar, MD & CEO of RBL Bank, once the shareholder [+1237 chars]
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