Earlier this month, the government said the disinvestment of IDBI Bank is on track as per the defined strategic sale process. Debunking media reports which indicated a possibility of deferment of IDBI Bank disinvestment, the Department of Investment and Public Asset Management ( DIPAM ) said the stake sale is in the post-EoI stage. DIPAM, which manages government holding in state-owned enterprises, in October last year invited EoIs for selling a 30.48% stake in IDBI Bank, along with LIC 's 30.24% stake in the bank. The government and LIC together hold a 94.72% stake in IDBI Bank, which will come down to 34% after the strategic sale.