IDBI Bank has completed sale transaction of its 23% stake to Ageas Insurance International JV on December 31, 2020 pursuant to receipt of the requisite regulatory approvals.
Pursuant to sale of 23% holding representing 18,40,00,000 shares to Ageas for a consideration of Rs.507.10 crore, IDBI Bank’s shareholding in IFLI now stands at 25% from the earlier 48%.
Following this transaction, the joint venture has been rebranded as Ageas Federal Life Insurance Company Limited.
This is in continuation to the information the Bank had provided in August, that it has entered into a Share Purchase Agreement (SPA) to sell 27% of its stake in its joint venture arm IDBI Federal Life Insurance Company Limited (IFLI) to other JV partners viz. 23% to Ageas Insurance International NV (Ageas) and 4% to The Federal Bank Limited (Federal Bank).
–AK
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