Belgium-based Ageas Insurance International has completed the acquisition of a majority stake in its Indian joint venture Ageas Federal Life Insurance (AFLIC), picking up 25 per cent stake of IDBI Bank for Rs 580 crore Get more Companies News and Business News on Zee Business.
IDBI Federal Life Insurance Company rebranded as Ageas Federal Life Insurance CompanyIDBI Bank has completed sale transaction of its 23% stake in IDBI Federal Life Insurance Company to Ageas Insurance International JV on 31 December 2020 pursuant to receipt of the requisite regulatory approvals. Pursuant to sale of 23% holding representing 18,40,00,000 shares to Ageas for a consideration of Rs.507.10 crore, IDBI Bank s shareholding in IFLI now stands at 25% from the earlier 48%. Following this transaction, the joint venture has been rebranded as Ageas Federal Life Insurance Company.
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