At present, IDBI Bank holds a 48% stake in the linsuer while the Kerala-based private sector bank and Ageas have 26% interest each.The 27% stake sale would provide IDBI Bank Rs 595 crore, valuing the insurance company around Rs 2,200 crore. This would help the bank augment its capital.
Kolkata: IDBI Bank will sell 23% stake in IDBI Federal Life Insurance Company to Belgium’s Ageas Insurance International NV on Thursday. The pitch is all set for the deal, people familiar with the matter said. .Ageas is the overseas partner in the life insurance joint venture.