IDBI Bank Ltd to sell stake in IDBI Federal Life Insurance Company Ltd

The Board of Directors of IDBI Bank Ltd, at its meeting held on Friday, June 26, 2020, has approved to sell IDBI Bank's stake in IDBI Federal Life Insurance Company Limited (IFLI) to the extent of 23% to Ageas and 4% to Federal Bank at a combined value of about Rs.595 crore, subject to all regulatory approvals to be taken by all related parties and agreements which are yet to be finalised.

Shares of IDBI BANK LTD. was last trading in BSE at Rs.39.8 as compared to the previous close of Rs. 37.95. The total number of shares traded during the day was 240514 in over 554 trades.

The stock hit an intraday high of Rs. 39.8 and intraday low of 39.2. The net turnover during the day was Rs. 9564441.

Source : Equity Bulls

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