On February 06, widely circulated media reports stated that Fairfax Financial and Kotak Mahindra Bank are set to submit financial bids separately for a majority stake in IDBI Bank along with supporting documents on Friday.
The two contenders are in a race to acquire the 60.72% stake belonging to the government and Life Insurance Corporation of India (LIC) that is on offer, the reports added.
Providing a clarification on the same, Kotak Mahindra Bank said: “We would like to clarify that the Bank has not submitted a financial bid as part of disinvestment process relating to IDBI Bank Limited.”
Kotak Mahindra Bank is the part of the Kotak Group and has diversified operations covering commercial vehicle financing, consumer loans, corporate finance, and asset reconstruction. Through its subsidiaries, the bank is engaged in investment banking, equity broking, securities-based lending, and car finance. As on 31 st December 2025, the bank has a national footprint of 2,218 branches and 2,749 ATMs (incl. cash recyclers) and branches in GIFT City and DIFC (Dubai).
The bank reported a 4.28% jump in standalone net profit to Rs 3,446.14 crore on 4.3% increase in total income to Rs 16,741.05 crore in Q3 FY26 over Q3 FY25.
The scrip had advanced 3.35% to end at Rs 422.35 on the BSE on Friday.