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IDBI Bank Says It Has No Role in Fairfax-IIFL Finance Matter

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IDBI Bank (NSE:IDBI, BOM:500116) said it has had no role in the matter involving Fairfax Financial Holdings and IIFL Finance (NSE:IIFL, BOM:532636), according to an exchange filing.

The filing was in response to an NSE query on a media report about Fairfax's reported plans to exit IIFL Finance to fund a bid for IDBI Bank.

The bank said the proposed strategic disinvestment of IDBI Bank is being conducted by the Government of India through a competitive bidding process and is confidential.

IDBI Bank said it is not aware of any information that could explain the reported news or related trading activity and will promptly disclose any material information when received.

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