RBL Bank said Wednesday an open offer by Emirates NBD Bank will commence from 12 December to acquire up to 26% of shares from the public.

The period for tendering of public shares will close on December 26, RBL Bank said in a regulatory filing.

This open offer under the SEBI (SAST) Regulations is to acquire up to 415,586,443 shares of face value of Rs 10 for Rs 280 per unit, representing 26% of the expanded voting share capital from the public shareholders, it said.

Last month, Emirates NBD Bank, the second largest in the UAE, announced a plan to acquire a majority 60% stake in RBL Bank for Rs 26,853 crore, the biggest-ever financial sector deal in value terms.

The acquisition plan of Emirates NBD Bank to hold a controlling stake in RBL Bank through an infusion of approximately USD 3 billion (about Rs 26,850 crore) marks the largest-ever foreign direct investment in India's financial services sector.