In an interview with CNBC-TV18, Ashok Vaswani, Kotak Mahindra Bank’s Managing Director and CEO, dismissed speculations about a potential acquisition of IDBI Bank by the private lender.

“I don’t think it’s hot in cooking right now, so I think when the time comes and there is talk about doing something, we will definitely look at it,” the bank’s chief said, adding that when the government and the RBI move forward with this deal, Kotak Mahindra will “definitely have a look at it.”

“We have never shied away from M&A; we are not shying away from M&A even today. We look at every single opportunity that comes along, and as and when the opportunity comes along that presents itself, we will evaluate it.”

Sources had earlier told CNBC TV18 that three potential bidders, Fairfax Financial Holdings, Emirates NBD, and Kotak Mahindra Bank, have received the ‘fit & proper’ certificate from the Reserve Bank of India (RBI) for the acquisition of IDBI Bank.

However, Kotak Mahindra Bank might not pursue the acquisition of IDBI Bank at this time, sources had indicated.

The government is expected to call for financial bids for IDBI Bank before the close of the current financial year, FY25.

Out of the 94.72% stake that the Government of India and Life Insurance Corporation (LIC) collectively hold in IDBI Bank at the moment, the government aims to sell a 60.7% combined stake, including 30.48% held by the Government of India and 30.24% held by LIC, along with the transfer of management control in IDBI Bank.

Post-deal, the government proposes to hold about a 15% stake and LIC another 19%.