The Indian government has cancelled the bidding process to hire an asset valuer for its planned IDBI Bank share sale, according to a statement.

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The government will invite fresh bids to select a valuer for its stake in the lender, said a statement from the Department of Investment and Public Asset Management on Tuesday. The government gave no reason for the move.

India is looking to offload its 30.48% stake in IDBI Bank, while Life Insurance Corp (LIC) of India will sell a 30.24% shareholding. Presently, the Indian government and LIC collectively own about 95% of IDBI Bank.

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The government had invited bids to appoint a valuer on September 1, and last month relaxed the criteria to appoint such intermediaries after the conditions were found to be stringent.

The Indian government is not expecting to conclude the sale of IDBI Bank by the end of the current financial year on March 31, 2024, Tuhin Kanta Pandey, secretary of the Department of Investment and Public Asset Management told reporters last week.