Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Live Now : Nifty Banker 3.0 | India's First Retail Index Traders Online Conference.
Budget 2023
Budget 2023
you are here: HomeNewsBusinessBanks

IDBI Bank to sell entire stake of 20 crore equity shares in Ageas Federal Life Insurance

The stake would be sold to Ageas Insurance International NV, the global insurance giant, which had entered into a joint venture with IDBI Bank in 2014 to set up AFLI.

March 30, 2022 / 04:25 PM IST
The lender also announced that its board has granted in-principle approval for divestment of bank's stake up to 11.10 percent of paid up share capital of National Securities Depository Ltd (NSDL).

The lender also announced that its board has granted in-principle approval for divestment of bank's stake up to 11.10 percent of paid up share capital of National Securities Depository Ltd (NSDL).

IDBI Bank plans to sell its entire stake of 20 crore equity shares in Ageas Federal Life Insurance (AFLI).

The stake would be sold to Ageas Insurance International NV, the global insurance giant, which had entered into a joint venture with IDBI Bank in 2014 to set up AFLI.

"The board of directors of the Bank at its meeting held on Tuesday, March 29, 2022, has approved to sell IDBI Bank's entire stake of 20,00,00,000 equity shares in Ageas Federal Life Insurance Company Limited (AFLI) to Ageas Insurance International NV (Ageas) pursuant to exercise of call option by Ageas," IDBI Bank said in a regulatory filing.

The lender also announced that its board has granted in-principle approval for divestment of bank's stake up to 11.10 percent of paid up share capital of National Securities Depository Ltd (NSDL).