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Jefferies outlines possible Kotak–IDBI merger paths under review
Jefferies detailed share-swap and cash-funded merger scenarios for Kotak and IDBI, estimating dilution and goodwill but stressing integration and regulatory risks.
Brokerage firm Jefferies modelled potential merger between Kotak Mahindra Bank and IDBI Bank under two options: a share-swap, issuing ~516 million new Kotak shares causing ~21% dilution or a cash-funded deal which could create goodwill of ₹21,900–₹48,200 crore depending on structure. The note highlighted integration, regulatory and deposit-base risks if the merger proceeds.