Mahindra & Mahindra (M&M) on Wednesday acquired a 3.53 percent stake in RBL Bank for Rs417 crore and said it could make further investments without exceeding 9.9 % stake.
“We have acquired a 3.53 percent stake in RBL Bank as an investment at a cost of Rs 417 crore,” M&M said in a regulatory filing.
“We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9% (stake),” it added. Shares of the lender ended 7% higher in trade on the National Stock Exchange at Rs 239.20.