Board of IDBI Bank approves divestment of stake held in IDBI Federal Life Insurance Compony

At meeting held on 26 June 2020

The Board of Directors of IDBI Bank at its meeting held on 26 June 2020 has approved to sell IDBI Bank's stake in IDBI Federal Life Insurance Company (IFLI) to the extent of 23% to Ageas and 4% to Federal Bank at a combined value of about Rs.595 crore, subject to all regulatory approvals to be taken by all related parties and agreements which are yet to be finalised.

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