IDBI Bank divests entire stake in Ageas Federal; stock jumps ~1.5%

30 Mar 2022 , 01:12 PM

IDBI Bank Limited informed that the Board of Directors of the Bank, at its meeting held on Tuesday, March 29, 2022, has approved selling 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.

The bank further stated that details of the sale will be separately informed to the investors and exchanges once the Share Purchase Agreement is executed by the Bank.

IDBI Bank’s stock was trading 1.40% higher at Rs43.35 against its previous close of Rs42.75 on NSE. It touched an intraday high and low of Rs44.25 and Rs43.20 respectively so far in the day.