The long-awaited divestment of IDBI Bank is now entering its final phase, with four major financial institutions emerging as key contenders. As per MoneyControl report, according to sources familiar with the matter, Emirates NBD, Fairfax India Holdings, Kotak Mahindra Bank and Oaktree Capital Management are all preparing to submit financial bids for a stake in IDBI Bank.
All four entities have been officially deemed 'fit and proper' by the Reserve Bank of India (RBI), clearing a critical regulatory hurdle that allows them to participate in the financial bidding process. This marks a significant step forward in the government's plan to offload its stake in the lender.
Among the shortlisted contenders, Emirates NBD (a leading bank from Dubai) and Fairfax India (headed by renowned investor Prem Watsa) Holdings are reportedly the most enthusiastic and are expected to be in a close race. A banker closely involved in the bidding process stated the news portal that these two companies could be "neck-and-neck" when it comes to submitting final bids. However, Kotak Mahindra Bank is also showing serious intent, and is said to be conducting final rounds of due diligence before making a decision.