“All the Indian branches of Emirates NBD Bank P.J.S.C. will function as branches of RBL Bank Limited with effect from December 01, 2026,” it said.

In May, the Finance Ministry had approved Emirates NBD Bank’s acquisition of up to a 74% stake in RBL Bank.

The approval follows Emirates NBD’s acquisition of a 60% stake in RBL Bank’s expanded share capital, completed on June 18, 2026, through a primary capital infusion of about $2.75 billion, or around Rs 26,000 crore.

The transaction, first announced in October 2025, was completed after the companies received regulatory approvals and fulfilled the required closing conditions. The merger is one of the largest foreign investments in India’s banking sector.

Emirates NBD acquired the stake through a preferential share allotment of 929.1 million fully paid-up equity shares of RBL Bank at Rs 280 per share, aggregating to about Rs 26,016 crore.

Emirates NBD received RBI approval to open its first Indian branch in Mumbai in 2016 and began operations in July 2017. It later opened two more branches in Gurugram and Chennai.

The bank has maintained a representative office in India since March 2000.

The latest approval brings Emirates NBD’s Indian branch operations under RBL Bank’s network. The RBI statement did not specify whether the amalgamation would lead to changes in customer services or other operational arrangements.

RBL Bank shares closed 1.10% higher at Rs 378.25 on the National Stock Exchange on Friday.

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At an extraordinary general meeting held in Amsterdam, Iveco shareholders approved all resolutions proposed by its board of directors in connection with the voluntary public tender offer launched by TML CV Holdings Pte Ltd through TML CV Holdings B.V., Iveco Group said in a statement.

Tata Motors had earlier raised its offer price for Iveco by EUR 0.30 per share to EUR 14.40, following an initial offer of EUR 14.10 per share.

In 2025, Tata Motors announced plans to acquire Iveco, excluding its defence business, for around EUR 3.8 billion (nearly Rs 38,240 crore) through TML CV Holdings Pte Ltd. The earlier offer valued the transaction at approximately EUR 3.82 billion.

The acquisition is aimed at expanding Tata Motors’ global commercial vehicle presence through Iveco’s established operations and product portfolio.

The approvals include amendments to the company’s articles of association, the appointment of board members following settlement of the offer, and changes to its special voting shares and loyalty voting structure.

The approval of the so-called back-end resolution will reduce the minimum acceptance level of the offer from 95 per cent to 80 per cent of Iveco’s common shares, Iveco said.

Certain other resolutions approved at the meeting are conditions for the offeror’s obligation to declare the offer unconditional. These include amendments to the articles of association, conversion of Iveco into a private limited liability company in the event of delisting, appointment of board members and termination of the loyalty voting structure.

The tender offer acceptance period runs from September 7 to October 26, 2026.

The resolutions approved by shareholders also provide for a potential post-offer demerger, a subsequent share sale and, subject to the relevant conditions, the eventual dissolution of Iveco Group. These steps would be implemented only if the applicable conditions are met and in accordance with the terms approved at the meeting.

The shareholders also approved the conversion of Iveco from a public limited liability company into a private limited liability company, which would take effect at a time determined by the offeror after delisting.

The post-offer demerger could be implemented at the offeror’s choice, subject to conditions including ownership of at least 80 per cent of the common shares.

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The transaction, involving Swiggy Networks Limited, a material wholly owned subsidiary of Swiggy, was completed at the close of business on October 15, 2026, according to a regulatory filing dated October 16.

Following the transaction, Lynks Logistics ceased to be a subsidiary of Swiggy Networks and, consequently, a step-down subsidiary of Swiggy Limited, the company said.

The announcement follows Swiggy’s earlier intimation dated September 7, 2026, regarding the transaction.

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“We have two licences and the RBI has given us two years to make a decision as to what we do,” Watsa said. “CSB – merge or sell? Those are the two options we have. We’ve got two years to make the decision, so we’ll think through all of that very carefully.”

Fairfax has been declared the strategic buyer for the proposed sale of a 60.72% stake in IDBI Bank. Its bid valued the stake at about ₹52,878 crore, based on a price of ₹81 per share.

Fairfax currently holds a 40% stake in private sector lender CSB Bank.

Fairfax said that it plans to transform IDBI Bank into a unified financial services group spanning banking, insurance, investment banking and wealth management, bringing its interests in Go Digit and IIFL Capital under the bank’s fold.

Under the regulatory glide path for IDBI Bank, Fairfax will have to reduce its holding from around 60% to 40% in the first 10 years of acquiring the lender, and further to 26% over the subsequent five years, Watsa said. “They’ve given us 15 years,” he said. “In 10 years, we have to go from 60% to 40%, and in the last five years, we go down to 26%. That’s what the rules are today.”

Watsa, however, indicated that ownership regulations could evolve over such a long period. He cited India’s insurance sector, where foreign ownership limits were progressively raised from 26% to 49%, then 74%, and eventually 100%.

“These rules may change. We don’t know,” he said, adding Fairfax would comply with the prevailing rules.

Fairfax expects the IDBI Bank transaction to be completed as early as the first quarter of 2027, though it could close sooner, Watsa said. The group is working through the regulatory approval process and has already held discussions with the relevant authorities. “We expect the process to go as quickly as it can,” he said.

Fairfax Financial proposes to contribute all its interests in Go Digit Life Insurance and Go Digit General Insurance, collectively referred to as Digit, to IDBI Bank. Fairfax India Holdings similarly plans to contribute its entire interest in IIFL Capital Services to the bank.

After completion of the acquisition and the proposed contributions, Rakesh Sharma, currently managing director and CEO of IDBI Bank, is expected to continue leading the bank’s operations. Fairfax also plans to bring former CSB Bank CEO C. V. R. Rajendran into the leadership group, while former ICICI Prudential Life managing director and CEO N S Kannan will be proposed as chairman, subject to RBI approval.

Kamesh Goyal will continue to lead Digit, while IIFL Capital’s existing management will remain responsible for its operations.

Fairfax said the around $5.6 billion IDBI Bank deal will be funded through a mix of holding-company cash, dividends from subsidiaries, asset sales and the contribution of its stakes in Go Digit and IIFL Capital at market value. The group had about $2.3 billion in cash and marketable securities at the holding-company level as of June 30, apart from another $2.3 billion of investments in associates and consolidated non-insurance companies.

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The acquisition, through its Netherlands subsidiary, gives Mankind access to an advanced cell-therapy research platform and a pipeline targeting non-Hodgkin lymphoma and small-cell lung cancer.

The investment represents a shift in Mankind’s acquisition strategy. Its earlier transactions largely strengthened its domestic pharmaceutical portfolio, including the acquisition of oncology and transplant brands from Panacea Biotec Pharma in 2022 and Bharat Serums and Vaccines (BSV) in 2024.

The BSV acquisition expanded Mankind’s presence in fertility, women’s health and complex biologics, while also adding an international business. The latest deal takes it further into the development of experimental cancer therapies.

Mankind already has a commercial presence across European markets, including the UK, France, Germany, Spain, Belgium and the Netherlands. However, its business remains predominantly India-focused. Exports accounted for 15 per cent of consolidated revenue in the December 2025 quarter, according to its investor presentation.

The transaction, therefore, deepens its European engagement beyond commercial markets into biotechnology research and development.

ACTx is developing engineered CAR-T cells designed to overcome limitations of existing therapies, including relapse and resistance. Its research programmes span Europe and the US.

“Innovation will be one of the defining growth engines for Mankind over the coming decades,” said Arjun Juneja, chief operating officer, Mankind Pharma.

He said the investment would provide access to differentiated scientific platforms and the potential to develop multiple next-generation CAR-T candidates.

ACTx’s founders include Paul Stoffels, former chief scientific officer of Johnson & Johnson, and John Mellors, a University of Pittsburgh professor.

The investment also carries development risks, as the therapies remain experimental and will require further clinical validation before commercialisation.

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Fairfax Financial Holdings has cleared the government’s hurdle to acquire IDBI Bank, but its bigger test lies inside the lender, where unions are already pushing back and the culture remains closer to a state-run entity.

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The transaction values Tristar at $1.5 billion on an enterprise-value basis and $882 million on an equity-value basis, equivalent to about six times its 2025 earnings before interest, taxes, depreciation and amortisation. The $809 million consideration includes contingent payments and interest on deferred consideration. Aegis will acquire the stake through its wholly owned step-down subsidiary, Aegis Logistics International Pte Ltd, from Agility Tristar Holdings, Gulf Investment Corporation and Diamond Holdings.

The Aegis stock was up 7% as investors reacted positively to the transaction. The company’s current market capitalisation is Rs 52,200 crore.

ET was the first to report, in its August 18 edition, that Aegis was in advanced talks to acquire Tristar at a $1.5 billion valuation and was exploring acquisition financing with European and Indian private-sector lenders. Sources had told ET that discussions included refinancing or rolling over about $600 million of Tristar’s existing debt and raising a further $400 million-$500 million, with the balance expected to be funded through equity. The final financing structure has not been disclosed.

Established in 1998, Tristar operates in more than 30 countries, with over 1,000 trucks, 26 ocean-going and coastal vessels, 14 fuel farms and more than 60 remote fuel sites. Through its majority stake in Aquarius Energy, a joint venture with Glencore, it also has access to a fuel storage platform with a capacity of 3.5 million cubic metres. Tristar reported revenue of $1.4 billion in 2025, up from $1.2 billion in 2024, with EBITDA of about $257 million and net profit of $82 million.

Tristar Group CEO Eugene Mayne said the partnership brings together complementary strengths, capabilities and a shared vision for the future, creating significant opportunities to expand its reach and strengthen its position in the energy logistics sector. “Together, we look forward to building a more competitive and globally connected business, while upholding our unwavering commitment to safety, operational excellence and delivering long-term value to our customers,” Mayne said.

BNP Paribas is the exclusive financial adviser to Aegis, with Norton Rose Fulbright and Veritas Legal acting as legal counsel.

For Aegis, the acquisition adds international transport and distribution capabilities to its domestic infrastructure. “The acquisition of Tristar will kick off Aegis’ transformation from a domestically focused operator into an international energy logistics platform,” Raj Chandaria, chairman and managing director of Aegis Logistics, said in the exchange filing. He said the combination was expected to contribute immediately to profitability and provide long-term strategic benefits.

The shipping network could prove particularly valuable as India seeks secure access to imported energy. “The deal provides access to a market that is becoming increasingly significant amid geopolitical developments,” said Shailesh Garg, director at Drewry Maritime Advisors and head of its India operations. India’s position as a major energy importer could create synergies, he said, while the combination of land and sea operations would take Aegis into segments it had not previously accessed.

Aegis has liquid storage capacity of about 2 million kilolitres, LPG storage capacity of 246,800 tonnes and ammonia capacity of 36,000 tonnes. Its board approved fund-raising of up to Rs 6,000 crore in September, while management has outlined a broader investment opportunity of about $5 billion through December 2030.

The acquisition also reflects the opportunity for Indian logistics companies to build international platforms, provided they can integrate assets and generate returns. “Overseas acquisitions must be backed by disciplined valuations and strong execution,” said Jagannathan Padmanaban, director, transport and logistics, CRISIL Intelligence.

The deal remains subject to competition and antitrust approvals and customary closing conditions. Aegis expects it to be completed in the fourth quarter of fiscal 2027, by March 2027.

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This is the largest foreign direct investment (FDI) in the country’s financial sector and the biggest stake sale by the government. “This process has been brought to its logical conclusion,” said finance minister Nirmala Sitharaman. “We are calling it strategic restructuring as we are still invested in IDBI Bank.”

Fairfax subsidiary M/s 10955230 Canada Inc will pay ₹81 a share, higher than the average ₹75.99 per share valuation by two independent valuations, the government said.

Move Helps Meet Divestment Target

Fairfax, which currently holds a 40% stake in Kerala-based CSB Bank, will have to either merge it with IDBI Bank or exit the latter within two years of signing the deal under the rules.

The bank’s stock surged 9% to close at Rs 90.44 apiece on Wednesday, although the deal was announced after market hours. The record flow from the IDBI Bank stake sale is expected to help the government meet its Rs 80,000 crore disinvestment target for the current fiscal year.

Fairfax will pick up a 30.48% stake from the government and another 30.24% from the Life Insurance Corporation of India.

After conclusion of the deal, expected in the current financial year, LIC will have 19% in the bank while the government will be left with 15%.

“This will not only strengthen the banking ecosystem but also help banking services surpass global benchmarks,” Sitharaman said. “It reinforces that India’s growth story is strong, its economy is resilient, and the government’s commitment to reform is unwavering.” She was speaking after the CCEA, chaired by Prime Minister Narendra Modi, approved the stake sale on Wednesday.

The deal marks a significant milestone in the government’s efforts to lower state ownership in commercial enterprises in non-strategic sectors.

The CCEA has also authorised the so-called alternative mechanism, an empowered group of cabinet ministers, to offload IDBI shares – from the remaining 15% stake that the government will hold after the divestment – through the open market.

The deal will need to be approved by RBI, which will conduct a “fit and proper” assessment, as well as the Competition Commission of India and other statutory authorities.

Fairfax will be required to present its credentials to the central bank and submit a roadmap for meeting the regulator’s requirements before the sale can be finalised. As per RBI norms, promoters can hold no more than 26% in a bank. Fairfax will get up to 15 years to comply with this condition, Department of Investment and Public Asset Management secretary Arunish Chawla said, adding that there will be a lock-in period of five years for the promoter.

The new promoter will also have to retain the name, brand and customer relations for at least three years, he said. Employees don’t have to worry, Chawla said, adding that the management transfer had been discussed with all stakeholders.

LIC will have to cut its stake to 15% from 19% in IDBI Bank in two years.

After completing the transaction, likely before the end of FY27, the government will exit from the IDBI Bank board.

The ministry said RBI’s regulatory supervision, deposit insurance and priority-sector lending requirements will remain unchanged. Deposits will continue to be insured up to Rs 5 lakh per depositor under the Deposit Insurance and Credit Guarantee Corporation framework.

IDBI Bank will also continue to provide services to government welfare schemes. These include the Pradhan Mantri Jan-Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, the Atal Pension Yojana, PM Mudra Yojana loans for micro and small enterprises, and GeM Sahay, collateral-free, digital working capital loans based on government e-marketplace transaction records.

The finance ministry said five contenders had initially submitted expressions of interest for IDBI, with four of them qualifying. Two were picked as qualified bidders, the ministry said.

Bids were initially invited last fiscal FY26, when the reserve price was fixed at Rs 94.42 per share. Offers fell short of the reserve price and were not accepted.

Qualified bidders were asked to submit their best offers in the current fiscal year. These revised offers were considered by the cabinet committee.

According to the statement, IDBI Bank’s financial position has improved since it was placed under RBI’s Prompt Corrective Action framework in May 2017. The restrictions were lifted in March 2021 following the improvement. Gross non-performing assets declined from 31.78% in September 2018 to 2.32% in March 2026, while net non-performing assets fell from 17.30% to 0.15%.

Its capital adequacy ratio rose from 6.22% in 2018 to 26.65% in March this year. The bank reported a net profit of Rs 9,513 crore in FY26, while total business crossed Rs 6.27 lakh crore as of September 30, up 18% year-on-year.

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CSB Bank Ltd is expected to be merged with IDBI Bank following the Centre’s decision on Wednesday to sell its 60.72% stake in the latter to Fairfax Financial Holdings Ltd, said two people aware of the development.

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ET was first to report in its March 13 edition that BFSL was looking to give its long term investors an exit.

BFSL, led by Bandhan founder Chandra Shekhar Ghosh, has been working with advisers Jefferies to find strategic investors for 25-32%.

Early investors GIC & IFC jointly hold 30% in BFSL, keen to exit

Up to $600m of Stake

That will open up an exit option for GIC of Singapore and the International Finance Corporation (IFC), backers of the firm for more than a decade. Together, these two held 30.3% of BFSL at the end of March, and have been seeking a full or partial exit, said the people cited. Their stake alone could be worth $500-600 million, they said.

Other investors include Small Industries Development Bank of India (Sidbi), which owns 8.1%. Financial Inclusion Trust and North East Financial Inclusion Trust own a total 40.7%. The Bandhan Employees’ Welfare Trust holds 14.6%. If other shareholders also choose to exit, it will lead to a much larger transaction.

BFSL has two subsidiaries–Bandhan Technologies, an IT services and AI-led technology company, and Bandhan Financial Holdings, the holding company of Bandhan Bank, Bandhan AMC, Bandhan Mutual Fund Trustee, Bandhan Investment Managers (Mauritius) and Bandhan Life Insurance.

As of March 31, BFSL owned 59.98% of Bandhan AMC and 97.16% of Bandhan Life Insurance Co. Singapore’s GIC and Chrys Capital are other investors in the asset management firm.

Bandhan Financial Holdings Ltd had a stake of 37.5% in the bank at the end of June. As per the bank’s licensing agreement with the Reserve Bank of India, it must reduce the stake to 26% by 2030.

Banks and sovereign funds have been widely canvassed in the Gulf for a stake in BFSL, said the people cited. They are said to include First Abu Dhabi Bank and Qatar Investment Authority as well as a few PE buyout funds such as Carlyle, EQT.

“We don’t comment on market speculation,” Bandhan Bank chairman Ghosh told ET.

A First Abu Dhabi Bank spokesperson said in reply to ET’s queries, “As a matter of policy, we do not comment on individual client relationships, transactions, or market speculation.”

IHC and other entities cited above didn’t respond to queries.

The discussions are at an early stage and there is no guarantee it will lead to a transaction, said the people cited.

“Discussions are picking up momentum, but the contours are evolving,” said one investor who’s examining the deal. “It’s a complicated one and a lot depends on the regulator too.”

Having started out as a microfinance lender in 2001, Bandhan became a full-fledged private sector bank in August 2015. It has one of the largest microfinance loan books in India–Rs 35,000 crore on June 30. The total loan book of the bank stands at Rs 1.56 lakh crore with total deposits of Rs 1.65 lakh crore. Bandhan has a capital adequacy ratio of 18.2% with common tier 1 ratio of 17.5% on June 30. The bank has 1,988 branches and a total customer base of 31.8 million.

The bank slashed its FY27 return on assets (RoA) guidance while announcing its June quarter results in July, triggering a 15% plunge in the stock to Rs 177.50, its sharpest intraday decline since the Covid-19 market crash in March 2020. On Monday, it ended at Rs 157, up 13.32% year to date, for a market value of Rs 25,351.40 crore.

The guidance was driven primarily by external factors such as elevated technology cost and moderation in NIM outlook. Also, FY27 loan growth guidance was cut to the lower end of the 14-15% range guided earlier due to a slowdown owing to rising asset quality risk from higher energy costs and supply chain disruptions as well as uncertain monsoons.

“Bandhan underscored that the growth cut was pre-emptive and that on the ground, asset-quality trends remain benign, including improving delinquency trends in both newer as well as older vintages, with the credit cost guidance retained at 1.6-1.8%,” said Anuj Singla and Harsh Wardhan Modi, analysts at JP Morgan. “Guidance cut was the key focus.”

Gulf Corridor

Bandhan Technologies recently opened an office in Abu Dhabi. It also signed a strategic partnership in September 2026 with KMK Group, a subsidiary of the Khalid Al Hamed Group, in Abu Dhabi.

Following the acquisition of RBL Bank by Emirates NBD, West Asian financial institutions have been actively scouting investment opportunities in lending and financial technology services firms. Emirates NBD completed its investment of $2.75 billion in RBL Bank in June after securing regulatory approvals, while IHC has committed $1 billion for a controlling stake in Sammaan Capital.

“The UAE believes in India and is one of our largest foreign direct investment sources of capital. They have already invested $25 billion and are the seventh-largest source of FDI. They have also given intent to invest another $25 billion in the near future,” Commerce and Industry Minister Piyush Goyal said last month after co-chairing the 14th India-UAE High-Level Joint Task Force on Investments with Abu Dhabi Investment Authority Managing Director Sheikh Hamed bin Zayed Al Nahyan.

Goyal said the UAE aims to take its investments in India to $100 billion.

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