Daijiworld Media Network - Mumbai

Mumbai, Feb 7: Kotak Mahindra Bank on Saturday clarified that it has not submitted any financial bid as part of the ongoing strategic disinvestment process of IDBI Bank Ltd, responding to recent media reports that had suggested otherwise.

In a statement to the stock exchanges, the private sector lender said the clarification was issued under Regulation 30(11) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following news articles published on February 6. The bank noted that there was a material movement in its share price on that day, necessitating the disclosure in line with regulatory requirements.

“Kotak Mahindra Bank has not submitted a financial bid as part of the disinvestment process relating to IDBI Bank Limited,” the lender said in its exchange filing. It added that it has made and will continue to make all necessary disclosures in accordance with SEBI regulations.

The clarification comes amid heightened investor interest in the IDBI Bank divestment, which is being jointly pursued by the Centre and the Life Insurance Corporation of India (LIC). The strategic sale is seen as a key move in the government’s broader privatisation and asset-monetisation agenda.

On Friday night, the Department of Investment and Public Asset Management (DIPAM) under the Union Ministry of Finance confirmed that financial bids for the strategic disinvestment of IDBI Bank had been received. However, the department did not disclose the names of the bidders or provide further details.

The IDBI Bank divestment is closely watched as it could significantly reshape ownership of the state-backed lender and mark an important milestone for strategic sales in India’s banking sector.