IDBI Bank Limited completes sale of stake in Insurance JV

IDBI Bank Limited had on August 6, 2020 announced 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).

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.

Shares of IDBI BANK LTD. was last trading in BSE at Rs.31.1 as compared to the previous close of Rs. 30.9. The total number of shares traded during the day was 1347341 in over 3547 trades.

The stock hit an intraday high of Rs. 31.9 and intraday low of 31. The net turnover during the day was Rs. 42239389.

Source : Equity Bulls

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