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24 Oct 2025

"Emirates NBD to Acquire 60% Stake in RBL Bank, Marking Historic Foreign Investment in Indian Banking"

"Emirates NBD is set to acquire a 60% stake in RBL Bank for ₹26,850 crore, marking the first majority interest acquisition in a profitable Indian bank by a foreign bank. The deal, which involves a combination of equity shares and a mandatory open offer, is the largest foreign direct investment in India's financial services sector. The transaction will also merge Emirates NBD's Indian banking branches into RBL Bank. Shardul Amarchand Mangaldas & Co is advising Emirates NBD, while AZB & Partners is representing RBL Bank."

**Law Firms Involved in the Transaction:** Shardul Amarchand Mangaldas & Co advised Emirates NBD on the acquisition, while AZB & Partners represented RBL Bank. **Transaction Overview:** Emirates NBD is set to acquire a 60% stake in RBL Bank for ₹26,850 crore through a combination of a preferential allotment of equity shares and a mandatory open offer. This transaction marks the largest foreign direct investment in the Indian financial services sector and is the first acquisition of majority interest in a profitable Indian bank by a foreign bank. Additionally, the deal involves the merger of Emirates NBD's Indian banking branches into RBL. **Lawyers Involved:** *Shardul Amarchand Mangaldas & Co:* - Veena Sivaramakrishnan (Partner) - Anirban Bhattacharya (Partner) - Dhananjai Charan (Partner) - Jeel Panchal (Principal Associate) - Sneha Rao (Senior Associate) - Pundrikaksh Sharma (Senior Associate) - Disha Khandelwal (Associate) - Preeti Kapany (Principal Associate, also part of the Securities Team) - Sriroopa Neogi (Associate) - Gaurang Mandavkar (Associate) - Anushri Mandal (Associate) - Anushya Ramakrishna (Associate) *Competition Team:* - Harman Singh Sandhu (Partner) - Aman Singh Sethi (Partner) - Apurva Badoni (Senior Associate) - Satvik Mohanty (Associate) - Urvi Pathak (Associate) *Securities Team:* - Yogesh Chande (Partner) - Preeti Kapany (Principal Associate) *AZB & Partners:* - Vaidhyanadhan Iyer (Senior Partner) - Gautam Ganjawala (Senior Partner) - Jeet Chaudhuri (Partner) - Bhargavy Ramesh (Partner) - Sana Nagar (Senior Associate) - Manhar Chaudhary (Associate) - Abhinav Shankarraman (Associate) - Aditya Agarwal (Associate) - Sanghamitra Sengupta (Senior Associate, assistance on banking laws) - Lokesh Deshwal (Senior Associate, assistance on banking laws)
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