Federal Bank signs agreement to acquire up to 4% stake in IDBI Federal Life Insurance Co.

Federal Bank has entered into an agreement to purchase up to 4% stake in IDBI Federal Life Insurance Co., from IDBI Bank at a price not exceeding Rs.27.56 per equity share. The transaction is subject to regulatory approvals. The Bank currently holds 26% stake in IFLIC, making it an Associate of the Bank. Post purchase, the total stake will increase up to 30%.

Powered by Capital Market - Live News