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IDBI Bank on Thursday said it has sold 23 per cent stake in IDBI Federal Life Insurance Company Ltd (IFLI) to Ageas Insurance International NV for ₹507.10 crore.
Following this transaction, the joint venture has been rebranded as Ageas Federal Life Insurance Company Ltd, IDBI Bank said in a statement.
IFLI is a three-way joint venture of IDBI Bank, Belgium’s Ageas and Federal Bank. After the conclusion of the stake sale, IDBI Bank’s shareholding in IFLI has come down to 25 per cent from the earlier 48 per cent.
The shareholding of Ageas in IFLI has gone up to 49 per cent from 26 per cent earlier.
Federal Bank continues to hold 26 per cent stake in IFLI.
On August 6, 2020, IDBI Bank had informed the exchanges that it has entered into a Share Purchase Agreement (SPA) to sell 27 per cent of its stake in its joint venture (JV) arm IFLI to other JV partners — 23 per cent to Ageas Insurance International NV (Ageas) and 4 per cent to The Federal Bank Ltd (Federal Bank).
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