A man walks past the Kotak Mahindra Bank branch in New Delhi, India, September 6, 2017. REUTERS
Feb 7 (Reuters) – India’s Kotak Mahindra Bank said in an exchange filing on Saturday that it has not submitted a financial bid for IDBI Bank.
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
