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Mahindra & Mahindra buys 3.53% stake in RBL Bank for ₹417 crores
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RBL Bank for ₹417 crores. The company also broached the possibility of additional investments up to a 9.9% stake.
While the exact date of the transaction remains unclear, M&M was not mentioned in the June shareholding data shared by RBL Bank. “We have acquired a 3.53 % stake in RBL Bank as an investment at a cost of Rs.
417 crores. We may consider further investment subject to pricing, regulatory approvals and required procedures.
However, in no circumstance will it exceed 9.9%" the company said in a regulatory filing. Multiple block deals were seen in RBL Bank on Wednesday and the stock ended up 7.1%.
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