Kotak Mahindra Bank Denies IDBI Bank Bid, Clarifies No Financial Offer Submitted

• Kotak Mahindra Bank stated it has not submitted a financial bid for the IDBI Bank stake sale.
• The clarification counters earlier media reports naming Kotak Mahindra Bank as a potential bidder.
• Reuters previously reported Fairfax Financial, Emirates NBD, and Kotak Mahindra Bank had submitted bids.
• Indian government and LIC plan to sell a 60.7% stake in IDBI Bank as part of privatization.
• IDBI Bank shares rose 26% over the past year amid sale expectations; government aims to finalize by March 2026.