Kotak Bank says it is not in race to acquire IDBI bank

MUMBAI: Kotak Mahindra Bank on Thursday said it has not submitted a financial bid for IDBI Bank, denying media reports that named it among contenders in the Govt’s divestment of the state-owned lender.

In a stock exchange filing, Kotak Mahindra Bank said it was responding to news reports, which suggested the bank would place a financial bid for IDBI Bank.

The lender said it had neither participated in the bidding process nor submitted any financial offer, adding that it would continue to make disclosures in line with SEBI regulations.The Centre, along with Life Insurance Corporation of India, plans to sell a combined 60.7% stake in IDBI Bank as part of its privatisation drive.

The transaction, first announced in 2021, is seen as India’s first full privatisation of a public sector bank in decades. Shortlisted bidders have completed due diligence and received fit-and-proper clearance from the Reserve Bank of India, with financial bids due earlier this month.Media speculation had earlier linked Kotak Mahindra Bank to the process, citing its strong capital position and potential interest in expanding its branch network. With the bank ruling itself out, attention has shifted to remaining bidders, including Fairfax India and Emirates NBD, as the Govt targets completion of the sale in FY26.