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, <a href="/topic/ET-Now" target="_blank">ET Now</a> reported quoting agencies.
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<br><a href="/topic/IDBI-Federal-Life-Insurance" target="_blank">IDBI Federal Life Insurance</a> is a three-way joint-venture of <a target="_blank" href="/idbi-bank-ltd/stocks/companyid-11689.cms">IDBI Bank</a>, Federal Bank and Ageas, a multinational insurance giant based out of Europe.
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<br>“Federal Bank’s stake in IDBI Federal Life to be 30 per cent after the deal,” the report said.
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<br>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.
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<br>The report further added that IDBI Bank to sell around 23% stake in IDBI Federal Life to Ageas.
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