IDBI Bank gains 5%, hits 52-week high on plan to sell stake in insurance JV

Shares of IDBI Bank were frozen in 5 per cent upper circuit at Rs 41.75 on the BSE on Monday after the bank said its board has approved a plan to offload 27 per cent stake in IDBI Federal Life Insurance at a combined value of Rs 595 crore.

IDBI Bank has 48 per cent stake in IDBI Federal Life Insurance, which started operations in 2008. Federal Bank and its Dutch partner Ageas Insurance International NV have 26 per cent stake, each.

“The board of directors, at its meeting held on Friday, June 26, 2020, has approved to