New Delhi, Jul 11 (IANS): The Centre has extended the bid submission deadline for transaction advisor for the strategic disinvestment of IDBI Bank to July 22.

Further, the deadline for submission of bids for legal adviser has also been extended by nine days till July 22.

The bid submission for transaction advisor and legal advisor ends at 3.30 p.m. and 4 p.m., respectively on July 22, and the bids will be opened 3.50 p.m. and 4.30 p.m. on July 23, respectively, said the Department Of Investment & Public Asset Management (DIPAM).

The previous deadline for submission of the bids was July 13.

Separately, the department also clarified that both Life Insurance Corporation of India (LIC) and the Government of India stake in IDBI Bank will be sold in the instant transaction along with the transfer of management control.

The quantum of stake may be decided during the course of the transaction, it said.

LIC holds 49.24 per cent stake in the bank while the government has 45.48 per cent shares.

During the Budget presentation for FY22, Finance Minister Nirmala Sitharaman had said that all the previously announced disinvestment processes will be completed in this financial year including IDBI Bank.