The Centre, along with LIC, plans to divest a 61% stake in IDBI Bank. The Centre is looking for an asset valuer to conduct the valuation and the final date to submit bids is October 30, 2023. As part of the disinvestment plan, the Centre will offload a 30.48% stake in the lender, while the Life Insurance Corporation of India (LIC) will sell 30.24% in IDBI Bank. LIC and the government currently own 49.24% and 45.48% stake, respectively, in IDBI Bank, which collectively accounts for 94.72%. The remaining 5.29% of shares are owned by retail investors. After the divestment process, the stake of LIC and the government will be reduced to 34%.