RBL Bank shares in focus as M&M sells entire 3.45% stake via Rs 678 crore block deal: Report
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Shares of RBL Bank Ltd will be in focus heading into trade on Thursday, November 6, after a large block deal was executed on the bourses, according to a CNBC-TV18 report citing sources. Mahindra & Mahindra (M&M) is the likely seller, offloading its entire 3.45% stake in the private lender for about Rs 678 crore through the block deal, the report said. The floor price for the sale is pegged at Rs 321 per share. M&M had invested Rs 417 crore in July 2023 to acquire the stake at Rs 197 per share. The transaction would therefore yield a 63% return for the automaker. Soon after the initial investment, M&M managing director Anish Shah had clarified that the company did not plan to raise its holding in RBL Bank beyond 9.9% unless there was a compelling investment rationale. “There is no intention of going further at this point. But it helps us understand the sector a lot better to enhance the value of a business that is nearly a ...