The Mahindra Group has bought close to 5% stake in RBL Bank, making it the single-largest shareholder in the private lender. The shares of RBL Bank jumped as much as 10% in early trade on Thursday, following the news of the investment.
The Mahindra Group has been looking to expand its financial services business and the investment in RBL Bank is seen as a way to enter the banking sector. RBL Bank is a mid-sized private lender with a focus on retail and corporate banking.
The investment by the Mahindra Group is a vote of confidence in RBL Bank, which has been struggling in recent months. The bank had to raise capital last year to meet regulatory requirements.
The investment by the Mahindra Group is likely to help RBL Bank improve its capital position and boost its lending activities. The bank is also looking to expand its digital banking business.
The investment by the Mahindra Group is a positive development for RBL Bank. The investment will help the bank improve its capital position and boost its lending activities. The investment is also likely to help RBL Bank expand its digital banking business.