The government has extended the deadline to submit expressions of interest (EoI) for buyout of its 60.7% stake in IDBI Bank by 3 weeks.

The last date for submission of bids has now shifted from 16 December to 7 January.

In October, the finance ministry had invited EoI for the privatisation of IDBI Bank. Along with ceding management control, the government will divest 30.48% stake in the bank and the Life Insurance Corporation of India (LIC) 30.24%.

The government currently owns 45.48% of IDBI Bank while LIC holds a 49.24% stake. LIC is currently the promoter of the bank.

Last week, the Department of Investment and Public Asset Management (DIPAM) said that it would allow a consortium of foreign funds and investment companies to own over 51% of IDBI Bank.