India’s RBL Bank said on Wednesday that Emirates NBD will launch an open offer on December 12 to buy shares from public investors.
The period for tendering of public shares will close on December 26, RBL Bank said in an exchange filing.
Last month Dubai’s Emirates NBD announced a plan to buy 60% stake in RBL Bank for $3 billion in the largest cross-border acquisition in India’s financial sector.
The stake purchase included a preferential offer and an open offer to buy shares from existing investors.
The open offer will be priced at 280 rupees per share, Emirates and RBL had said at the time of the deal announcement. RBL shares closed on Tuesday at 324 rupees per share.
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Indian equity markets are closed on Wednesday.
The size of the preferential offer will depend on the response to the open offer.
India allows 74% foreign investment in private banks but limits shareholdings of any single foreign institution to 15% unless regulator the Reserve Bank of India grants an exemption.
The RBI has informally communicated its backing for the ENBD deal, Reuters had reported.
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