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).
IDBI Bank, in a separate exchange filing, noted that its board has also approved the "rupee bond borrowing limit of Rs 8,000 crore for FY 2022-23 to be borrowed in one or more tranches comprising of Additional Tier I (AT-1) bonds up to Rs 3,000 crore and senior/infrastructure bonds up to Rs 1,000 crore by way of private placement during FY 2022-23".