Have not submitted official bid for stake in IDBI Bank - Kotak Mahindra Bank
This story was originally published at 13:02 IST on 7 February 2026
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MUMBAI – Kotak Mahindra Bank Ltd. has not submitted an official bid as part of the divestment process of IDBI Bank Ltd., the former said in an exchange filing clarifying on a news article published in The Economic Times.
The article said that Kotak Mahindra Bank and Fairfax Financial were in a race to acquire the 60.72% stake belonging to the government and Life Insurance Corp. of India. IDBI Bank's disinvestment process started in October 2022 but faced delays due to various steps the Government of India took to ease hurdles for a potential buyer.
Kotak Mahindra Bank's net profit for Oct-Dec was INR 34.46 billion, up over 4% on year, missing the Street's estimate marginally. Sequentially, the net profit was up nearly 6%. IDBI Bank reported a net profit of INR 19.35 billion in the December quarter and a total income of INR 82.82 billion. Friday, shares of Kotak Mahindra Bank closed 3.3% higher at INR 422.35 and those of IDBI Bank closed 3.8% higher at INR 106.86 on the National Stock Exchange. End
Reported by Kabir Sharma
Edited by Deepshikha Bhardwaj
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