IDBI Bank to sell its stake in Life Insurance JV to Ageas

IDBI Bank Limited has entered a Share Purchase Agreement (SPA) with Ageas Insurance International NV (Buyer) on May 19, 2022 to sell IDBI Bank's entire stake of 20,00,00,000 equity shares in Ageas Federal Life Insurance Company Limited (AFLI) pursuant to exercise of Call Option by Ageas. The transaction would be concluded subject to regulatory approvals.

IDBI Bank is expected to receive up to Rs. 580.20 crore from sale of 25% stake in AFLI to Ageas.

The transaction is expected to be completed in Q2 FY 2023, subject to regulatory approvals and satisfaction of the terms and conditions set out in the SPA.

Shares of IDBI Bank Limited was last trading in BSE at Rs. 36.25 as compared to the previous close of Rs. 38.10. The total number of shares traded during the day was 717108 in over 3249 trades.

The stock hit an intraday high of Rs. 37.35 and intraday low of 36.15. The net turnover during the day was Rs. 26300838.00.

Source : Equity Bulls

Keywords

IDBIBank INE008A01015 StakeSale AgeasInsuranceInternationalNV JV AgeasFederalLifeInsuranceCompany