IDBI Bank Disinvestment: Kotak Mahindra Bank, a leading private sector lender, has clarified that it has not placed any bid for IDBI Bank amid ongoing disinvestment talks. The bank dismissed acquisition rumors in an exchange filing on Saturday, stating that it has not submitted any financial bid for IDBI Bank.
The disinvestment secretary had earlier on Friday mentioned that the government has received bids for the bank but did not share details.
What did Kotak Mahindra Bank say?
In its regulatory filing, Kotak Mahindra Bank clarified that it had not submitted any financial bid for IDBI Bank. The bank stated that it observed significant movement in its shares on February 6, 2026 and, in compliance with SEBI Listing Regulations, confirmed that it did not participate in the IDBI Bank disinvestment process, after earlier media reports emerged suggesting otherwise.
“We observed material price movement in the Bank’s scrip on 6 February 2026 and, therefore, in compliance with our obligations under Regulation 30(11) of the SEBI Listing Regulations, we would like to clarify that the Bank has not submitted a financial bid as part of the disinvestment process relating to IDBI Bank Limited,” the exchange filing read.
“The Bank has and shall continue to make disclosures, in compliance with its obligations under Regulation 30 of the SEBI Listing Regulations,” the official statement concluded.
Government and LIC stakes in IDBI Bank
The Indian government, along with the state-owned Life Insurance Corporation of India (LIC), plans to sell a combined 60.7 per cent stake in IDBI Bank under a major privatisation programme.
- Government of India: 45.48 per cent
- LIC of India: 49.24 per cent
- Total promoter group: 94.72 per cent
- Foreign Institutional Investors (FII): 0.52 per cent
- Domestic Institutional Investors (DII): 0.12 per cent
The disinvestment is expected to fetch the government approximately Rs 33,000 crore, significantly contributing to its disinvestment targets.
Background: IDBI privatisation plan
The central government announced its intention to privatise IDBI Bank in the Union Budget of February 2020. The deal has faced multiple delays over the six years since its announcement due to COVID-19, various regulatory changes, and procedural challenges.
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