IDBI Bank 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 crore equity shares in Ageas Federal Life Insurance Company (AFLI) pursuant to exercise of Call Option by 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. IDBI Bank is expected to receive up to Rs 580.20 crore from sale of 25% stake in AFLI to Ageas.
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