India's Kotak Mahindra Bank says it has not submitted bid for IDBI Bank (updated)

IDBI Bank

07/02/2026 06:58

Adds details from government spokesperson and holdings from paragraph 3

Feb 7 (Reuters) - India's Kotak Mahindra Bank KTKM.NS said in an exchange filing on Saturday that it has not submitted a financial bid for IDBI Bank IDBI.NS.

Reuters on Friday reported that the private lender was one of the bidders for the state-owned bank.

The government has received bids for the bank, Divestment Secretary Arunish Chawla said on Friday, without disclosing details.

The Indian government and state-owned Life Insurance Corporation of India (LIC) (LIFI.NS) together plan to sell 60.7% of the lender as part of a broader government privatisation programme. The government owns 45.48% of IDBI Bank, while LIC holds 49.24%.

 (Reporting by Sai Ishwarbharath B; Editing by Sam Holmes)