IDBI Bank early bid deadline extended to January 7

The disinvestment of IDBI Bank has now gathered pace after the Expression of Interest (EOI) closed in January.

India has extended the last date for investors to submit early bids for the sale of IDBI Bank to early January, according to a government notification.

The deadline for submission of the so-called expressions of interest has been extended to January 7 from December 16, according to the notification.

The government had received requests from the transaction advisor to push forward the deadline for early bids for IDBI Bank, a government official, who did not wish to be identified, had told reporters last week.

The government and Life Insurance Corporation of India together hold 94.71 percent in IDBI Bank and are aiming to sell 60.72 percent.

The government has allowed a consortium of foreign funds and investment firms to own more than 51 of the lender.