Emirates NBD to hold 60% in RBL Bank

RBL Bank on Thursday said it will allot equity shares worth Rs 26,015 crore to Emirates NBD Bank, and has classified the Dubai-based bank as a promoter with a 60 per cent holding. In a regulatory filing, RBL Bank said its board has approved the allotment of over 92.91 crore equity shares at Rs 280/share, aggregating to Rs 26,015 crore by way of a preferential issue on a private placement basis.

“Emirates NBD Bank (PJSC) has been classified as a promoter of the Bank,” RBL Bank said in the filing. Also, RBL Bank has approved the reconstruction of its board. Shayne Keith Nelson, Patrick John Sullivan, Neeraj Makin, Manoj Chawla and Marwan Mahmood Mohammad Hadi have been appointed as (Additional) Non-Executive Non-Independent Directors on the RBL Bank board with effect from June 18.

They will be the nominees of Emirates NBD Bank on RBL’s board.  Besides, Gopal Jain and Veena Mankar have resigned as non-executive non-independent directors of the Bank, with effect from Thursday. Shares of RBL Bank were trading at Rs 372.25, up 0.92 per cent over the previous close on BSE.

In April, the Reserve Bank of India (RBI) had allowed Emirates NBD Bank to acquire up to 74 per cent stake in RBL Bank, while the finance ministry gave its approval in May.

The approval was granted following Emirates NBD Bank, the second largest in the UAE, expressing its interest in October 2025 to acquire a majority 60 per cent stake in RBL Bank for Rs 26,853 crore. Emirates NBD (ENBD) would acquire and maintain a shareholding of at least 51 per cent of the paid-up share capital of RBL Bank, and the bank would be classified as a foreign bank in subsidiary mode, with the investor as its parent foreign bank.