RBL Bank Block Deal: M&M Likely To Offload 3.45% Stake For Rs 682 Crore

Stake worth up to Rs 682 crore of RBL Bank is likely to be sold by Mahindra & Mahindra Ltd. on Thursday, according to people in the know.

The block deal for a 3.45% stake sale was announced by an undisclosed seller. It is to be conducted at the floor price of Rs 317 per share, which is at 2.1% discount to the last closing price, according to the deal terms reviewed by NDTV Profit.

According to the term sheet accessed, the offer floor price will be Rs 323.85 per equity share.

The firm is set to offload 2.12 crore shares for Rs 682 crore. The open date for books is set to be on Nov. 5 and close on Nov. 6 at around 6:30 a.m. IST, according to the document. The expected settlement date was reported to be on Nov. 7.

RBL Bank has also been making headlines in the past few weeks due to the buzz around its stake sale deal with Emirates NBD, a Dubai-based bank that is set to infuse $3 billion in to RBL in exchange for acquisition of 60% stake.

RBL Bank Q2 Highlights (YoY)

• Net profit down 20% at Rs 178 crore versus Rs 222 crore

• Net interest income down 4% at Rs 1551 crore vs Rs 1615 crore

• Other income up 1% at Rs 932 crore vs Rs 927 crore

• Provisions down 19% at Rs 499 crore versus Rs 618 crore

Shares of RBL Bank ended 1.96% lower at Rs 323.85 compared to a 0.64% downturn on the NSE Nifty 50.

Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.