IDBI Bank to sell 25% stake in Ageas Federal Life Insurance

IDBI Bank to sell 25% stake in Ageas Federal Life Insurance

for Rs 580 cr

for Rs 580 cr

IDBI Bank has entered into a share purchase agreement with Ageas Insurance International, wherein the bank is looking to sell

its remaining stake of 25 per cent in private sector life insurer Ageas Federal Life Insurance for Rs 580 crore, making Ageas one of the few foreign insurers

to raise its stake in its Indian insurance joint venture to 74 per cent, after the government raised the FDI cap in the insurance sector.

“In continuation of the bank’s disclosure dated March 29, 2022, we hereby inform you that IDBI Bank has entered a share purchase agreement (SPA) with Ageas Insurance International NV

(Buyer) on May 19, 2022 to sell IDBI Bank’s entire stake of 200,000,000 equity shares in Ageas Federal Life Insurance company pursuant to exercise of call option by Ageas.

The transaction will be concluded subject to regulatory approvals,” the bank said in a notification to the exchanges.

The transaction is expected to be completed in Q2FY23, subject to regulatory approvals and satisfaction of the terms and conditions set out in the share purchase agreement.

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