IDBI Bank clarifies on market rumour regarding Fairfax exit

IDBI Bank has responded to a clarification sought by the BSE regarding a news report about Fairfax potentially exiting IIFL Finance to fund a bid for IDBI Bank. The bank stated that the strategic disinvestment of IDBI Bank is a confidential process managed by the Government of India and therefore, IDBI Bank cannot confirm or deny the news report. The bank also clarified that it is not aware of any information that would explain the recent movement in its trading volume or price, and that the news report does not pertain to any regulatory or legal proceedings involving the bank. IDBI Bank affirmed its compliance with SEBI regulations regarding timely disclosure of material information.