India, Nov. 6 -- Mahindra & Mahindra Ltd. has sold its entire 3.5% stake in RBL Bank Ltd. at 62.5% gain, ahead of an open offer by Dubai's Emirates NBD to acquire a majority stake in the private lender.

On 26 July 2023, M&M acquired 3.53% shareholding in RBL Bank for Rs.417 crore as a treasury investment. At the time of the acquisition, CEO Anish Shah said the move was aimed at gaining deeper insights into the banking sector over a 7-10-year period and would be maintained unless a strategic opportunity emerged.

Today, the stake was sold for Rs.678 crore at a 62.5% gain, according to an exchange filing on Thursday (6 November 2025).

Analysts had questioned the rationale for the investment, given M&M's core focus on automobiles. The comp...