IDBI Bank inks pact to divest 27% stake in insurance JV for Rs 595 cr

Currently, LIC-promoted IDBI Bank holds 48 per cent in IFLIC, while Federal Bank and Ageas hold 26 per cent each

IDBI Bank on Thursday said it has entered into a share purchase agreement (SPA) with the other two joint venture partners in IDBI Federal Life Insurance Company (IFLIC), to divest 27 per cent of its stake for Rs 595.30 crore.

In June, the private sector lender had informed about the stake sale-purchase proposal among the three JV partners.

"IDBI Bank has entered into an SPA with Ageas Insurance International NV (buyer) and the Federal Bank Ltd (buyer) on August 5, 2020, wherein IDBI Bank Ltd has agreed to sell up to 27 per cent stake in its joint venture IDBI