The Indian government has canceled the tender process for recruiting asset appraisers in connection with the planned stake sale of IDBI Bank, according to a statement.

The government will launch a new tender to select experts to be placed in the lending companies, according to a statement from the Ministry of Investment and Public Asset Management published on Tuesday.

The government did not provide reasons for the decision.

India plans to sell its 30.48% stake in IDBI Bank, while India’s Life Insurance Corp (LIC) will sell its 30.24% stake. Currently, the Government of India and LIC collectively own around 95% of IDBI Bank.

The government had launched a call for tenders for the appointment of an evaluator on September 1 and, last month, it relaxed the criteria for appointing these intermediaries after finding out that the requirements were very stringent.

The Indian government is not expected to complete the sale of IDBI Bank before 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. (Reporting by Nikunj Ohri in New Delhi and Nilutpal Timsina in Bengaluru; Editing by Matthew Lewis)