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Private lender Federal Bank to buy an additional stake of up to 4 per cent in IDBI Federal Life at Rs 27.56 per share, ET Now reported quoting agencies.
IDBI Federal Life Insurance is a three-way joint-venture of IDBI Bank, Federal Bank and Ageas, a multinational insurance giant based out of Europe.
“Federal Bank’s stake in IDBI Federal Life to be 30 per cent after the deal,” the report said.
Shares of Federal Bank traded almost flat at Rs 52.35 after the report, while IDBI Bank was up 1.03 per cent at around Rs 39.35.
The report further added that IDBI Bank to sell around 23% stake in IDBI Federal Life to Ageas.
IDBI Federal Life Insurance is a three-way joint-venture of IDBI Bank, Federal Bank and Ageas, a multinational insurance giant based out of Europe.
“Federal Bank’s stake in IDBI Federal Life to be 30 per cent after the deal,” the report said.
Shares of Federal Bank traded almost flat at Rs 52.35 after the report, while IDBI Bank was up 1.03 per cent at around Rs 39.35.
The report further added that IDBI Bank to sell around 23% stake in IDBI Federal Life to Ageas.