RBL BankShardul Amarchand Mangaldas & Co has advised Emirates NBD on its proposed acquisition of 60 percent stake in RBL Bank for INR 26,850 crores and resultant open offer. AZB & Partners has acted for RBL Bank on the deal. This deal also involves merger of Emirates NBD’s Indian banking branches into RBL.
The deal marks the largest ever foreign direct investment in the Indian financial services sector, largest ever equity fund raise in the Indian banking sector, largest fund raise via preferential issuance by a listed company in India, and also first acquisition of majority interest in a profitable Indian bank by a foreign bank.
Emirates NBD is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers.
RBL Bank serves over 15 million customers through a network of 564 branches and 1347 business correspondent branches and 415 ATMs. The bank offers a wide range of digital products and has established a strong position as a leading player in the digital payments ecosystem.
AZB’s deal team comprises our senior partners Vaidhyanadhan Iyer and Gautam Ganjawala, partners Jeet Chaudhuri and Bhargavy Ramesh, senior associate, Sana Nagar and associates Manhar Chaudhary and Aditya A..
Senior associates Sanghamitra Sengupta and Lokesh Deshwal assisted on banking laws.
SAM’s transaction team consisted of partners Veena Sivaramakrishnan, Anirban Bhattacharya, Dhananjai Charan, principal associate Jeel Panchal, senior associates Sneha Rao and Pundarikaksh Sharma.
SAM’ securities team comprised partner Yogesh Chande and principal associate Preeti Kapany. Competition partners Harman Singh Sandhu and Aman Singh Sethi also advised on the deal.
- Published On Oct 23, 2025 at 06:07 PM IST
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