Emirates NBD Plans to Invest $3 Billion in India’s RBL Bank

Emirates NBD Bank PJSC will invest as much as $3.05 billion in India’s RBL Bank Ltd. in the biggest foreign investments in the country’s financial sector and underscoring growing overseas interest in the domestic banking space.

The Dubai-based lender will own about 60% of RBL Bank once the deal is completed, according to an exchange filing on Saturday. As part of the agreement, Emirates NBD will receive up to 959 million new shares at 280 rupees each, a 6.5% discount to Friday’s close.