Fairfax Financial Holdings, Emirates NBD, and Kotak Mahindra Bank are three potential bidders for the IDBI Bank stake. They have received the ‘fit & proper’ certificate from the Reserve Bank of India (RBI) for acquiring IDBI Bank.

Sources suggest Kotak Mahindra Bank might not pursue the IDBI Bank acquisition now.

Due diligence for the bidders is set to start in early August. The government plans to call for financial bids for IDBI Bank before the end of FY25.stake

The government aims to sell a 60.7% combined stake in IDBI Bank, including 30.48% from the Government of India and 30.24% from LIC.

Fairfax Financial Holdings, which is CSB Bank’s promoter, might consider merging with IDBI Bank if it acquires it. Fairfax India, a subsidiary of Fairfax Financial Holdings, reported total assets of $3.8 million and total investments of around $3.6 million in 2023.

Fairfax India’s public investments include significant stakes in:

• CSB Bank – 40%
• IIFL Finance – 15.1%
• IIFL Securities – 27.5%
• 5paisa – 24.6%
• Fairchem Organics – 52.8%

As of 31st March 2023, Emirates NBD operates three branches in India, serving retail, private, wholesale, and NRI clients.

Emirates NBD’s India operations reported assets of Rs 6,309 crore, advances of Rs 3,417 crore, and a profit of Rs 60.74 crore for FY23.

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