- During Q1, RBL Bank recorded a massive 43% jump in its net profit to ₹288 crore on higher interest income
Mahindra and Mahindra (M&M) Ltd has evinced interest in acquiring as much as a 9.9% stake in private bank RBL Bank Ltd, after picking up a 3.53% stake in the latter a week ago.
"We may consider further investment subject to pricing, regulatory approvals, and required procedures. However, in no circumstance will it exceed 9.9%," said the Mahindra group in a regulatory filing on Wednesday evening while commenting on the stake acquisition in RBL Bank, which has recently expressed its new strategy to shift from bulk to granular deposits model to expand the bank’s margins beyond 5%.
Mumbai-based Mahindra group, which has long been attempting to enter the country’s banking space, on Tuesday, said the group has acquired a 3.53% stake in RBL Bank as an investment at a cost of ₹417 crore.
Mahindra’s move took investors by surprise. A senior investment banker affiliated with a foreign bank termed the transaction a bold move.
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