Mumbai, December 31:
IDBI Bank has completed execution of an agreement to sell up to 27 per cent stake in its life insurance arm, IDBI Federal Life Insurance Company (IFLI), to the other JV partners Ageas. .
Following this transaction,the joint venture has been rebranded to Ageas Federal Life Insurance Company.Ageas will hold 49 percent in the life insurance JV.
“Ageas acquires the additional 23% for a total consideration of Rs 510 crore (EUR 56.4 million). The transaction decreases the goup’s solvency position by 1 percentage point'' said Ages..
IDBI Bank,on August 6, 2020, had announced an agreement to sell up to 27 per cent stake in its joint venture insurance arm to its other partners.,
Today Ageas announces all regulatory approvals have been obtained and that the transaction has been completed.
This brings IDBI Bank’s shareholding in IFLI to 25 per cent from earlier shareholding at 48 per cent .
Of the total shareholding to be divested, 23 per cent stake was to be sold to Ageas while Federal Bank would acquire up to 4 per cent stake. Mumbai, December 31, 2020: