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

Capital Market 

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%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, August 06 2020. 10:31 IST