India’s RBL Bank (RATB.NS) announced on Wednesday that Emirates NBD (ENBD.DU) will begin its open offer to public shareholders on December 12, with the tendering period set to close on December 26, according to a regulatory filing.

The move follows Emirates NBD’s plan, unveiled last month, to acquire a 60% stake in RBL Bank for around $3 billion, marking the largest-ever cross-border acquisition in India’s financial services sector.

As part of the deal, the Dubai-based lender will purchase shares through both a preferential allotment and an open offer to existing shareholders. The open offer has been priced at 280 rupees per share, the companies said when announcing the transaction.

RBL Bank’s stock last closed at 324 rupees per share on Tuesday. Indian stock markets remained closed on Wednesday for a public holiday.

The final size of Emirates NBD’s preferential allotment will depend on how many shares are tendered during the open offer.

Under Indian regulations, foreign investors can own up to 74% of a private-sector bank, but any single foreign institution is generally capped at a 15% stake, unless the Reserve Bank of India (RBI) grants a special exemption.

Sources have indicated that the RBI has given informal support for the Emirates NBD–RBL Bank deal, signaling regulatory comfort with the proposed acquisition.