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BENGALURU, July 26 (Reuters) – Indian tech-to-tractor conglomerate Mahindra & Mahindra (MAHM.NS) on Wednesday said it bought a 3.53% stake in private lender RBL Bank (RATB.NS) for 4.17 billion rupees ($50.8 million).
The company might consider further investment in the lender subject to pricing, regulatory approvals and required procedures, Mahindra said, adding that the investment will not exceed a 9.9% stake.
Multiple block deals were seen in RBL Bank on Wednesday and the stock ended up 7.1%.
In a separate statement, RBL said it was not aware of any stock purchase by Mahindra.
Mahindra already owns non-banking financial company Mahindra and Mahindra Financial (MMFS.NS).
An approval from the Reserve Bank of India is needed to acquire a 5% stake in any Indian lender.
($1 = 82.0473 Indian rupees)
Reporting by Sethuraman NR in Bengaluru; Editing by Sonia Cheema
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