RBL Bank has received a green light from the Securities and Exchange Board of India for its proposed investment deal with Emirates NBD, the private lender confirmed in an exchange filing on Thursday.
SEBI's approval was granted under the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 and clears one of the key conditions required to complete the deal.
That said, the deal remains subject to receipt of certain other regulatory approvals and customary conditions precedent.
The initial transaction between RBL Bank and Emirates NBD was announced in October, 2025, with the latter investing in RBL Bank through a preferential issue of equity shares. It subsequently received approval from the Reserve Bank of India and the Competitions Committee of India.
The deal, once completed, would result in a change of control at the helm of RBL Bank, marking a landmark entry of a foreign bank into India's BFSI sector.
The deal also represents the largest ever equity fund raise in the Indian banking sector and the largest fund raise via preferential issuance by a listed company in India
Headquartered in Dubai, Emirates NBD is majorly owned by Investment Corporation of Dubai, the principal investment arm of the Dubai government. The bank operates across the UAE, Egypt, Saudi Arabia and several international markets, making it one of the most crucial banking deals in the recent memory.
Shares of RBL Bank are currently trading at Rs 338.25, accounting cuts of around 0.86%.
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