Kotak Mahindra Bank shares in focus after it clarifies on IDBI Bank bid

Shares of Kotak Mahindra Bank Ltd. are in focus on Monday, February 9, after the lender issued a clarification regarding its financial bid for the ongoing disinvestment process for IDBI Bank.

Kotak Mahindra Bank, on Saturday, February 7, clarified it has not submitted a financial bid for IDBI Bank, countering previous media reports that named it as one of the bidders.

Kotak Mahindra Bank, in a statement said, it "has not submitted a financial bid as part of the disinvestment process related to IDBI Bank."

The Central government and Life Insurance Corporation of India (LIC), cumulatively, plan to sell 60.7% stake in IDBI Bank, as part of a broader privatisation programme. At present, the Centre holds 45.48% stake in the lender while LIC holds 49.24% stake.

Kotak Mahindra Bank's clarification came after a media report had suggested the private lender was participating in the stake sale.

It also followed a Reuters report, citing three unnamed sources, which stated that the planned sale of the state-owned IDBI Bank had attracted bids from Emirates NBD, Canadian investment group Fairfax Financial, Kotak Mahindra Bank.

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