Indian authorities are exploring ways to revive interest from potential buyers after their long-running efforts to divest a majority stake in the $8 billion-valued IDBI Bank Ltd. hit a snag, according to people familiar with the matter.
The IDBI Ltd. bank headquarters in Mumbai, India, on Friday, Oct. 21, 2022. India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank in what could be the biggest sale of the governments stake in a lender in decades, according to a person familiar with the matter.
Kotak Mahindra Bank Ltd.’s chief executive said the valuation sought for a stake in IDBI Bank Ltd. was too high, underscoring tepid bidder appetite for IDBI even as Kotak Mahindra Bank reported better-than-expected fourth-quarter earnings on Saturday.
Ashok Vaswani, chief executive officer of Kotak Mahindra Bank Ltd., during an interview at bank's headquarters in Mumbai, India, on Wednesday, Feb. 25, 2026. Kotak Mahindra Bank is on the lookout for acquisitions as the lender seeks to deploy its excess capital to scale up amid a transformation of India’s financial industry.
India is set to scrap the bids it received for a majority stake in IDBI Bank Ltd. as the amounts were below the minimum price sought, according to people with knowledge of the matter.
IDBI bank branding. Photographer: Indranil Aditya/Bloomberg
Fairfax Financial Holdings Ltd. is the frontrunner to buy a majority stake in IDBI Bank Ltd., according to people familiar with the matter, in what could be the biggest foreign investment in India’s banking sector. Shares rose.
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