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

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)."

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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."

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