IDBI Bank divests entire stake in Ageas Federal Life Insurance

22 Sep 2022 , 11:18 AM

IDBI Bank Limited informed that it has completed the sale of its entire stake in Ageas Federal Life Insurance Company Limited (AFLI) to Ageas Insurance International NV (Ageas).

The bank has completed the sale of its entire stake of 20,00,00,000 equity shares in AFLI pursuant to the receipt of the requisite regulatory approvals.

Following this sale, IDBI Bank’s stake in AFLI stands at NIL.

This announcement is in furtherance of information provided by IDBI Bank on May 20, 2022, wherein the Bank had informed having entered into a Share Purchase Agreement (SP A) to sell its entire stake of 20,00,00,000 equity shares in Ageas Federal, said the bank in its filing.

At around 11.21 AM, IDBI Bank was trading at Rs44.30 up by 0.23% from its previous closing of Rs44.20 on the BSE. The scrip opened at Rs43.85 and touched intraday high and low of Rs44.90 and Rs43.85 respectively. 

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