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Mahindra & Mahindra acquires 3.53% stake in RBL Bank for ₹417 crore

Jul 27, 2023, 09:10 IST

PTI

Source: IANS

Mahindra & Mahindra on Wednesday acquired a 3.53% stake in RBL Bank for ₹417 crore.
M&M said that it could make further investments without exceeding 9.9% stake.
The investment is subject to pricing, regulatory approvals and required procedures, M&M said.

New Delhi, Mahindra & Mahindra on Wednesday acquired a 3.53 per cent stake in RBL Bank for Rs 417 crore and said it could make further investments without exceeding 9.9 per cent stake. "We have acquired a 3.53 per cent stake in RBL Bank as an investment at a cost of Rs 417 crore," Mahindra & Mahindra said in a regulatory filing.

The company further said, "We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9 per cent (stake)."

In a separate filing, in response to a clarification sought by BSE, RBL Bank said, "...the holding of Mahindra & Mahindra Ltd as per the last beneficiary position as on July 21, 2023, as received from the depository (NSDL) is 3.53 per cent of the total paid-up share capital of the bank."