IDBI Bank has completed sale transaction of its 23 percent stake in its joint venture arm IDBI Federal Life Insurance Company (IFLI) to Ageas Insurance International 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.
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