NEW DELHI - The Indian government has invited bids to appoint an asset valuer for IDBI Bank as it seeks to sell a majority stake of the lender.

The asset valuer will have to conduct a valuation of the lender’s assets, and provide assistance in the sale process of IDBI Bank, according to a government document.

Bids will have to be submitted by Oct. 9.

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% in IDBI Bank.

(Reporting by Nikunj Ohri, Editing by Louise Heavens)