New Delhi : The date for filing initial bids for the privatisation of the public sector Industrial Development Bank of India (IDBI) has been extended again. The central government has extended the deadline for filing initial bids for IDBI Bank to January 7.

idbi bank soars on getting in principle approval to divest stake in subsidiaries
IDBI Bank

The Department of Investment and Public Asset Management (DIPAM) of the Ministry of Finance has given this information in a notice issued on Wednesday. DIPAM has said that now the last date for submission of expression of interest (EOI) for IDBI has been extended from December 16 to January 7. Along with this, the last date for submission of copies of EOI has also been extended from December 23 to January 14.

It is noteworthy that the Central Government and Life Insurance Corporation of India (LIC) want to sell their 60.72 percent stake in public sector IDBI Bank. IDBI Bank invited bids from potential buyers on October 7. The last deadline for filing an expression of interest or initial bid was December 16, but the transaction advisors have received some requests to extend the deadline, following which the decision has been taken.