IDBI Bank has entered a Share Purchase Agreement (SPA) with Ageas Insurance International NV (Buyer) and The Federal Bank (Buyer) on August 5th, 2020 wherein IDBI Bank has agreed to promote as much as 27% stake in its joint task arm IDBI Federal Life Insurance Company Ltd to the aforesaid Buyers.
As per said settlement, while 23% stake could be bought to Ageas, Federal Bank could collect up to four% stake in IFLI from IDBI Bank.
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