Mahindras buys about 5% stake in RBL Bank

A Mahindra group entity has acquired close to 4.9% stake in RBL Bank through open market route. RBL shares were up 4%, trading at Rs 232 apiece on BSE. Mahindra Group is present in financial services business through group company Mahindra & Mahindra Financial Services.

RBL Bank has a pan-India presence with a network of over 500 branches.

In December 2021, amid concerns over RBL Bank’s financial health, RBI had appointed its Chief General Manager Yogesh K Dayal as an additional director to RBL Bank’s board while then CEO Vishwavir Ahuja went on a leave. Later the bank’s board had appointed Rajeev Ahuja as the interim Managing Director and Chief Executive Officer. Banking veteran R Subramaniakumar is the current Managing Director & CEO at RBL Bank. Prior to joining RBL Bank, he was the Managing Director & CEO and Board Chairman of Indian Overseas Bank.

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