Overview

• Draft share purchase agreement has been finalized, marking entry into the transaction’s final phase.
• Shortlisted bidders—Fairfax India Holdings, Emirates NBD and Kotak Mahindra Bank—are conducting due diligence in a secured data room.
• All contenders have obtained security clearance from the Ministry of Home Affairs alongside clearance under the RBI’s fit-and-proper norms.
• Financial bids will be invited imminently as the divestment moves toward completion by October under the Banking Regulation Act’s 26% voting cap.
• The stake sale is projected to raise ₹40,000–50,000 crore, bolstering the government’s ₹47,000 crore non-debt capital receipts target for FY26.