The Central government and Life Insurance Corporation of India (LIC) on Friday said that they will together divest 60.72 per cent stake in IDBI Bank.The Department of Investment and Public Asset Management (DIPAM) will invite expressions of interest (EoIs) from potential bidders on October 7.The Centre will divest 30.48 per cent stake and Life Insurance Corporation of India (LIC) will offload 30.24 per cent in IDBI Bank. They will together divest a 60.72 per cent stake. "Expression of Interest is invited for Strategic Disinvestment of specified GoI and LIC stakes in IDBI Bank along with transfer of management control," tweeted Secretary, DIPAM.The last date and time for submission of EoIs for IDBI Bank is 16 December and all the EoIs shall be valid for 180 days and can be further extended by another 180 days."The successful bidder is required to make an open offer to public shareholders of IDBI Bank," DIPAM said.The 'fit & proper' criteria will be imposed. In addition to the criteria assessment by RBI at the EoI stage, it is clarified that ‘successful bidder’ would also be subject to the ‘Fit & Proper’ assessment by RBI.DIPAM stated that large industrial/corporate houses and individuals (natural persons) shall not be permitted to participate in this bidding process for the transaction, either on its own or as a part of a consortium.The Cabinet Committee on Economic Affairs had given an in-principal approval for strategic disinvestment and transfer of management control in IDBI Bank in May last year.The Central government and LIC together own more than 94 per cent of equity in IDBI Bank. While the Centre owns 45.48 per cent stake, the shareholding of LIC in IDBI Bank stands at 49.24 per cent.LIC is currently the promoter of IDBI bank with management control while the Central government is the co-promoter.