Federal Bank has acquired additional 3,20,00,000 (4%) equity shares of Ageas Federal Life Insurance Company (AFLIC) from Ageas Insurance International NV (Ageas) for a consideration of Rs 30.45 per share. Total consideration paid was Rs 97.44 crore. Pursuant to this acquisition, the bank now holds 30% shareholding in AFLIC, on a fully diluted basis.
Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having many branches and ATMs spread across different States in India.
