Divestment
Not in the race! Kotak Mahindra Bank denies IDBI bid after stock spike
Mumbai/IBNS: Kotak Mahindra Bank on Thursday clarified that it has not submitted any financial bid for IDBI Bank, rejecting media reports that had named it among the contenders in the government’s ongoing divestment of the state-owned lender, media reports said.
In a statement to the stock exchanges, the private sector bank said the clarification was being issued pursuant to Regulation 30(11) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, in reference to news reports published in mainstream media on February 6.
Kotak Mahindra Bank said the disclosure was made after it observed a material movement in its share price following the reports.
The central government, along with the Life Insurance Corporation of India (LIC), is proceeding with the strategic sale of a combined 60.7% stake in IDBI Bank Ltd as part of its broader privatisation drive.
Financial bids from prospective investors have already been received and are currently under evaluation by the Department of Investment and Public Asset Management (DIPAM).
The government is expected to select the winning bidder around March 2026, in line with its objective to conclude the divestment process within the current financial year.
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