Centre sets February first week deadline to submit bids for IDBI Bank: Sources

The Centre has set the first week of February as the deadline to submit bids for IDBI Bank Ltd.

, people in the know have told CNBC-TV18.

Earlier, the bid submission deadline had been set for December 2025, which was later extended.

The Department of Investment and Public Asset Management (DIPAM) has sent the communication to the potential suitors on the bid deadline, including Kotak Mahindra Bank, Emirates NBD and Fairfax India Holdings, sources said.

The Centre will retain the right to reject any bid, in consultation with the Reserve Bank of India (RBI). The Centre is looking unconditional offers for IDBI Bank and has said any conditions attached would render the offer invalid.

Bidders will not have the right to make changes to the share purchase agreement once the bid is sent to DIPAM. The Centre will keep the reserve price for bids confidential and not disclose it to the suitors, sources added.

Earlier, CNBC-TV18 had reported that Fairfax Financial Holdings, Emirates NBD and Kotak Mahindra Bank and Oaktree were among the suitors.

The Centre holds 45.48% stake in IDBI Bank and LIC holds another 49.24% stake. The Centre is looking to sell 60.7% combined stake in IDBI Bank, including 30.48% held by it and 30.24% held by LIC.

The Centre will hold 15% and LIC will hold 19% stake in IDBI post the divestment.