IDBI Bank has entered into a Share Purchase Agreement (SPA) with Ageas Insurance International NV (Buyer) and The Federal Bank (Buyer) on August 5, 2020 wherein IDBI Bank has agreed to sell up to 27% stake in its joint venture arm IDBI Federal Life Insurance Company (IFLI) to the aforesaid Buyers.
As per said agreement, while 23% stake would be sold to Ageas, Federal Bank would acquire up to 4% stake in IFLI from IDBI Bank. The transaction would be concluded subject to regulatory approvals.
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