Emirates NBD set to acquire 60% stake in RBL Bank: SAM, AZB advise

Emirates NBD is set to acquire 60% stake in RBL Bank for ₹26,850 crore, through a combination of a preferential allotment of equity shares and a mandatory open offer,

Shardul Amarchand Mangaldas & Co is advising Emirates NBD on this proposed acquisition, and the resultant open offer.

The Transaction Team was led by Veena Sivaramakrishnan (Partner), Anirban Bhattacharya (Partner), Dhananjai Charan (Partner), Jeel Panchal (Principal Associate), Sneha Rao (Senior Associate), Pundrikaksh Sharma (Senior Associate), and Disha Khandelwal (Associate);

The Competition Team was led by Harman Singh Sandhu (Partner), Aman Singh Sethi (Partner), Apurva Badoni (Senior Associate), Satvik Mohanty (Associate), and Urvi Pathak (Associate);

The Securities Team was led by Yogesh Chande (Partner) and Preeti Kapany (Principal Associate);

The Due Diligence Team was led by Veena Sivaramakrishnan (Partner), Anirban Bhattacharya (Partner), Dhananjai Charan (Partner), Jeel Panchal (Principal Associate), Preeti Kapany (Principal Associate), Sneha Rao (Senior Associate), Disha Khandelwal (Associate), Sriroopa Neogi (Associate), Gaurang Mandavkar (Associate), Anushri Mandal (Associate), and Anushya Ramakrishna (Associate).

Pallavi Shroff (Managing Partner), Raghubir Menon (Partner), and Navruz Vakil (Partner) provided inputs on the transaction.

AZB & Partners is acting for RBL Bank on this transaction, and the resultant open offer.

The transaction team consists of Vaidhyanadhan Iyer (Senior Partner), Gautam Ganjawala (Senior Partner), Jeet Chaudhuri (Partner), Bhargavy Ramesh (Partner), Sana Nagar (Senior Associate) and Associates Manhar Chaudhary, Abhinav Shankarraman and Aditya Agarwal.

Sanghamitra Sengupta (Senior Associate) and Lokesh Deshwal (Senior Associate) provided assistance on banking laws.

The deal marks the largest ever foreign direct investment in the Indian financial services sector, and also the first acquisition of majority interest in a profitable Indian bank by a foreign bank.

The deal also involves merger of Emirates NBD's Indian banking branches into RBL.

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