India's RBL Bank ‍said ‍on Wednesday that authorities ​have rejected its ⁠request to temporarily cap foreign ⁠shareholding in the ‌lender at 24%, as it seeks ⁠regulatory clearances for Emirates NBD's proposed equity investment.

In October, ⁠Dubai's Emirates NBD ​announced a plan to buy 60% stake ‍in RBL Bank ​for $3 billion.

RBL said that Emirates NBD has sufficient foreign shareholding headroom to acquire at least a 51% stake in the bank and both ⁠parties are ‌engaging with the regulators for approvals.

(Reporting ‌by ⁠Nishit Navin in Bengaluru; ⁠Editing by Mrigank Dhaniwala)