Federal Bank will be paying over Rs 80 crore to buy additional 4% stake in its life insurance joint venture (JV) IDBI Federal Life Insurance. The stake buy from the IDBI Bank will take Federal Bank's stake to 30%, the maximum permissible level for a lender under the regulations.
IDBI Bank, which holds 48% stake in the venture, will be selling 27% stake in the venture to get its holding down to 21%. Federal Bank will be purchasing 4%, while their Dutch partner Ageas Insurance International NV will be buying 23% to take its ownership to 49%, the maximum permissible for a foreign partner in a life insurance venture. The valuations have been decided between partners by appointing third parties.
Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.
| Company Name | CMP |
|---|---|
| HDFC Bank | 796.25 |
| ICICI Bank | 1399.90 |
| Axis Bank | 1363.75 |
| Kotak Mahindra Bank | 399.60 |
| Indusind Bank | 943.45 |
| View more.. | |
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