Kotak Mahindra Bank on Saturday clarified that it has not submitted any financial bid in the ongoing strategic disinvestment process of IDBI Bank Ltd. The clarification was issued through a regulatory filing after media reports suggested the bank was among the bidders for the Centre’s stake in IDBI Bank, alongside Fairfax Holdings.

The bank’s statement comes as the government advances plans to divest a significant portion of its holding in IDBI Bank. Financial bids have been invited as part of the strategic sale process, with the successful bidder expected to be announced by the end of March 2026. The final completion of the transaction, however, could extend beyond the current financial year.

Under the proposed transaction, the government intends to sell a 30.48 percent stake in IDBI Bank, currently valued at approximately Rs 36,000 crore based on prevailing market prices. Additionally, the Life Insurance Corporation of India (LIC) plans to offload a 30.24 percent stake, taking the total stake on offer to 60.72 percent, with an estimated combined valuation of nearly Rs 72,000 crore.

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The disinvestment process was formally initiated on January 7, 2023, when the Department of Investment and Public Asset Management (DIPAM) received multiple expressions of interest from potential bidders. Since then, market speculation around possible buyers has continued, even as the government evaluates financial bids and regulatory clearances.

Separately, market analysts note that Emirates NBD, which recently announced plans to acquire up to a 60 percent stake in RBL Bank for about $3 billion, is no longer considered a likely contender for IDBI Bank. Meanwhile, the Centre has not set a separate disinvestment target, with proceeds from stake sales now classified under “miscellaneous capital receipts,” amounting to Rs 8,768 crore so far in the current fiscal.

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