IDBI Bank to sell balance stake in Life Insurance JV to Ageas

Private sector lender IDBI Bank will offload its balance 25 per cent stake in Ageas Federal Life Insurance Company (AFLI) to Ageas Insurance International NV.
 

The board of directors has approved to sell IDBI Bank’s entire stake of 200 million equity shares in AFLI to Ageas pursuant to exercise of Call Option by Ageas.

The details of the sale would be communicated once the share purchase agreement is executed, the bank informed BSE. The stake would bring in resources that are expected to augment the capital base of the private sector lender.

In December 2020, IDBI Bank had sold a 23 per cent stake in an insurance joint venture to Ageas Insurance International JV for Rs 507 crore. This raised Ageas stake to 49 per cent in the insurance company.
 

Meanwhile, its board also gave approval for divestment of the bank’s stake up to 11.10 per cent of paid-up share capital of the National Securities Depository through market-driven process.