IDBI Bank: In the information given by IDBI Bank to the stock market, it was told that the bank has decided to sell its entire stake in Joint Venture Ageas Federal Life Insurance Company Limited.
IDBI Bank: Private sector IDBI Bank has decided to sell its entire stake in its joint venture Ageas Federal Life Insurance Company Ltd.-AFLI. The bank will sell its stake for Rs 580 crore. For this, the bank has tied up with Ageas Insurance International NV.
stock market information
The private sector bank gave information about this to the stock market on Friday. “IDBI Bank has entered into a share purchase agreement with Ageas Insurance International NV on May 19, 2022 for the sale of its entire holding of 200 million equity shares in Ages Federal Life Insurance,” the bank said in a statement.
Regulators’ approval pending
According to the bank, this transaction is yet to be approved by the regulators. LIC-controlled IDBI Bank held 25 percent stake in AFLI as of March 31, 2022. The bank said that this transaction is expected to be completed in the second quarter of the current financial year.
580 crores will come from the sale of 25% stake
The bank expects to raise Rs 580.20 crore from the sale of its 25 per cent stake. AFLI is a three-party joint venture between IDBI Bank, Federal Bank and Ageas Insurance International NV, one of Europe’s largest insurance companies.
