RBL Bank hits 52-week high as Emirates NBD eyes 60% stake in $3bn deal

Emirates NBD Bank (PJSC) and RBL Bank have entered into a definitive agreement for ENBD to acquire a majority stake in the private lender through primary infusion of approximately $3 billion

RBL Bank share price today: Shares of Mumbai-based RBL Bank gained over 7 per cent to hit a 52-week high of ₹322.45 on the NSE after the Boards of Emirates NBD Bank (PJSC) and RBL Bank entered into a definitive agreement for ENBD to acquire a majority stake in the private lender through primary infusion of approximately $3 billion (₹26,850 crore). Additionally, the bank announced its financial results for the July-September quarter of fiscal 2026 (Q2FY26).

 

As a part of the deal, ENBD will first launch a mandatory open offer to acquire up to 26 per cent stake from public shareholders and then a preferential placement to acquire 60 per cent stake or less, within the overall approved FII limit of 74 per cent. For the investment, up to 416 million shares at ₹280 apiece will be allotted to ENBD on a preferential basis. 

 

An open offer is a consequence of preferential allotment, chief executive officer R Subramaniakumar said in the second quarter (Q2FY26) conference call on Sunday. The deal is expected to be concluded in April, and after that, RBL Bank will become a listed entity of Emirates NBD. 

 

To start the process, RBL has called an extraordinary general meeting (EGM) on November 12, 2025, to take shareholder approval, after which it will seek approvals from regulatory authorities, including the Reserve Bank of India, Securities and Exchange Board of India, DPIIT, CCEA (Cabinet Committee on Economic Affairs), CCI, BSE, and NSE. 

 

At 10:10 AM, the RBL Bank stock was trading at ₹320, up 7 per cent compared to the previous session's close of ₹299.5 on the NSE. In comparison, the benchmark NSE Nifty50 was trading 141 points higher at 25,851. The company's total market capitalisation stood at ₹19,650 crore.

RBL Bank Q2 results

RBL Bank reported a standalone net profit of ₹179 crore in Q2FY26, down 20 per cent from ₹223 crore in the year-ago period. The bank's net interest income (NII) grew 4 per cent year-on-year (Y-o-Y) to ₹1,551 crore from ₹1,615 crore in Q2FY25. Its gross non-performing assets (GNPA) slipped to 2.32 per cent in the quarter under review from 2.88 per cent in the year-ago period, while net NPA was down to 0.57 per cent from 0.79 per cent. The bank's net interest margin (NIM) stood at 4.51 per cent from 5.04 per cent in the year-ago period.   CATCH STOCK MARKET LIVE UPDATES TODAY

Emkay Global on RBL Bank

According to analysts at Emkay Global Financial Services, RBL Bank posted mixed Q2FY26 results with growth rebounding to double digits and margin stabilising before inching up. Higher write-offs led to a sharp earnings miss, with PAT at ₹179 crore. However, the management expects a meaningful recovery in H2FY26. 

 

According to the brokerage, the ENBD deal is expected to significantly enhance RBL’s net worth, increasing it to approximately ₹45,000 crore from the current ₹16,000 crore. It would also substantially strengthen the bank’s capital position, with the CET1 ratio rising to around 39 per cent from 13.5 per cent, taking into account the integration of ENBD’s existing India branches. The sizeable capital infusion is likely to improve RBL’s long-term cost of funds and pave the way for accelerated organic growth in secured retail and corporate lending, thereby supporting a higher return on assets (RoA) and creating room for potential inorganic expansion. 

 

Emkay Global has retained a 'Buy' rating on the stock while raising the target price by 17 per cent to ₹350. 

 

"We believe that given the open offer/preferential placement at ₹280 per share (at discount to CMP) and thus possibly some near-term stock consolidation after a sharp run-up, returns hereon could be more back-ended, once the transaction is complete," it added.